Daily Markets Briefing: STI up 2.6%

Expect some profit-taking today.

According to OCBC, strong gains on Wall Street Friday could continue to keep local sentiment fairly upbeat this morning; the Nikkei is up another 1.4% in early trade.

Here's more from OCBC:

However, given that the STI has already jumped 2.6% last Friday, further strong gains may be limited; instead, we could see some profit-taking emerging as the index nears the key 2700 hurdle.

For now, we peg the immediate support at 2600; while daily technical have turned more positive, the market may need to be convinced that this level can hold before we see stronger buying interest once again.

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