Daily Markets Briefing: STI up 2.5%

Expect limited gains today.

According to OCBC, although continued gains on Wall Street overnight could give a further lift to the local bourse this morning, we do expect profit-taking to cap gains, especially after yesterday’s strong 2.5% rebound.

Here's more from OCBC:

Besides the usual weekend factor, we suspect the inability of the STI to regain the key 3000 level would be another reason for investors to take profit and clear out some stale longs.

On the downside, we continue to peg the immediate support around 2900, ahead of the next one at 2860; but unless the macro picture improves, the longer term trend suggests that the index is still poised to ease further towards 2800.

Likely thematic ideas today could include oversold Oil & Gas sector (crude price jump) and the Commodities sector (Olam-Mitsubishi deal).

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