Daily Markets Briefing: STI up 0.76%

Brace for a pullback today.

According to OCBC, the pullback on Wall Street overnight could spark off profit-taking in the local bourse today.

Here’s more from OCBC:

While the STI managed to close above the key 2900 hurdle, we note that it was far from convincing.

Not only was the volume very thin (below 1b units were traded yesterday), the losers marginally outpaced gainers.

As such, we could see the index slipping back towards the initial 2850; and we do not rule out a deeper correction to 2800 before we see decent bargain hunting interest emerging.

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