Daily Markets Briefing: STI up 1.7%

Expect limited sharp gains today.

According to OCBC, the STI’s rally of 1.7% yesterday was stronger than expected, however U.S. stock futures closed with small losses yesterday. Sharp gains may be limited for the local bourse today.

Here's more from OCBC:

We peg the key hurdle at 2880, ahead of 2900; on the downside, we peg the immediate support at 2790, a break of this level could send the STI index easing towards 2750.

Overall volume dropped 22.4% with 1.3b units traded, and the total value dropped 11.6% to S$0.9b; while average value/unit increase to S$0.69.

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