Daily Markets Briefing: STI up 0.87%

Expect a correction in the local bourse today.

OCBC said the pullback on Wall Street Friday amidst uncertainties from the upcoming Fed meeting could spark a similar correction in the local bourse today.

Here's more from OCBC:

We peg the immediate support at 2800, ahead of its next support level at 2740; on the upside, we peg the initial hurdle at 2850, ahead of 2875.

The MACD has indicated a bearish crossover, suggesting that the downside momentum could be picking up again.

Overall volume shrank 32.7% with 1.0b units traded, and the total value tumbled 27.4% to S$0.9b; while average value/unit climbed 8.0% to S$0.88.

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