Daily Markets Briefing: STI up 0.7%

But a pullback is expected today.

According to OCBC, while the firmer Wall Street close Friday should continue to keep local sentiment upbeat, we believe that the tone could remain quite cautious.

Here's more from OCBC:

For one, the STI’s recent rebound is not convincing as it was driven by pretty muted volumes; as such, we could see the index easing back to re-test the 3100 resistance-turned-support before it can add on more gains.

Secondly, the medium-term trend continues to look somewhat bearish, suggesting that investors could still be keep to sell into strength.

We peg the immediate resistance at 3150 ahead of 3187; but believe 3202 may be the key hurdle to overcome.

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