Daily Markets Briefing: STI up 2.1%

Don't expect strong gains today.

According to OCBC, the renewed strength on Wall Street overnight should continue to lift local sentiment, although further strong gains are likely limited after the STI’s 2.1% surge yesterday.

Investors should also note that the US index futures are slightly lower in after-hours trading, hinting of possible profit-taking later when the US markets open.

Here's more from OCBC:

Although the STI has convincingly breached the key 2800 hurdle, it still faces a pretty tough test at 2900; a failure to do so could see more profit-taking.

On the downside, a very minor support can be found at 2850, ahead of the key resistance-turned-support at 2800.

By sector, we believe that the recently oversold banking, O&G and telco stocks could come back into play.

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