Daily Markets Briefing: STI down 0.46%

Expect another retreat today.

According to OCBC, renewed weakness on Wall Street overnight could continue to weigh on sentiment this morning when the local bourse reopens after a 1-day break; but they expect overall trading volumes to remain thin ahead of the weekend.

Here's more from OCBC:

As noted before, the STI looks technically more prone to further downside risk; and true enough, we saw the index breached the initial 2850 support on Wednesday, which should see the STI easing further to make a test of the key 2800 support.

Should this support hold, we could see a more convincing technical rebound towards 3000; but first, it has to clear the stubborn 2900 hurdle.

Otherwise, the next support around 2600 beckons.