STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI up 1.14%

Expect some profit-taking today.

According to OCBC, the rebound on Wall Street overnight could continue to buoy local sentiment, extending the STI’s 1.1% gains yesterday; the Nikkei is up 1.2% in early trade.

With the rapid re-taking of the key 2800 hurdle, we could see further gains, probably driven in part of short covering; the next hurdle lies at 2850, ahead of the key 2900 resistance.

Here’s more from OCBC:

Having said that, investors should not get carried away as the medium-term fundamental outlook for both the economy and corporates remain muted. 

As such, we could see profit-taking rapidly emerging should the index fail to convincingly test/clear the 2900 level. 

On the downside, we peg the initial support at 2800, ahead of 2750. 

Do you know more about this story? Contact us anonymously through this link.

Click here to learn about advertising, content sponsorship, events & rountables, custom media solutions, whitepaper writing, sales leads or eDM opportunities with us.

To get a media kit and information on advertising or sponsoring click here.