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Daily Markets Briefing: STI up 1.5%
Brace for some pullback today.
According to OCBC, following the more muted closing on Wall Street overnight, the STI could potentially give up some of its Monday’s 1.5% rebound later, especially as the index inches up ever closer to the key 2900 hurdle.
Here’s more from OCBC:
As before, failure to convincingly clear this level could still bring about more profit-taking and send the STI easing back towards 2850 or even 2800.
Overall volume slipped 23%to 1.28b units traded, while total value eased 8% to S$1.08b; but average value/unit rose 20% to S$0.84, no doubt aided by short-covering in some of the recently battered blue chips like the local banks.
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