Daily Markets Briefing: STI up 0.5%

Expect a pullback today.

According to OCBC, weaker closings in Europe Friday and the >1% tumble in the US index futures are likely to weigh on local sentiment this morning; this after Greece voted “NO” to the austerity measures.

Here's more from OCBC:

Profit-taking could be pretty strong, especially after Friday’s unexpected 0.5% gain – Nikkei has opened 1.7% lower this morning; although measures announced by the Chinese government to support the stock markets there could lend some support.

Still, we may see the STI easing back towards the key 3302 support, ahead of the next support at 3291.

On the upside, 3357 remains a very tough hurdle to crack.

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