Daily Markets Briefing: STI down 0.39%

Expect more gains today.

According to OCBC, the modest rebound on Wall Street last Friday could provide a small boost to local sentiment this morning.

Although the STI ended 0.2% lower Friday, we note that it has again managed to claw back earlier losses to close above the key 2800 support once again; this could bode well for the near term, OCBC said.

Here’s more from OCBC:

But we expect the 2850 hurdle to remain a tough one to clear and suspect the market may continue to drift between 2800 and 2850 until the start of the results season properly towards the end of Apr when the banks release their 1Q16 report cards.

Below 2800, we peg the next support at 2770 and then 2740.

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