Daily Markets Briefing: STI up 0.2%

Another loss is likely today.

According to OCBC, the mixed showing on Wall Street after the long weekend could continue to keep local sentiment muted, and see the index drifting sideways yet again today.

Here's more from OCBC:

However, with the STI shedding early gains of as much as 1.3% to end 0.2% lower yesterday, we think that the bias leans towards the downside, especially if the index fails to convincingly retake the key 2800 level.

Above 2800, we peg the next hurdle at 2820 and then 2850. Immediate support remains at 2770, ahead of 2740.

Overall volume was active with 2.1b units traded, while average value/unit hit S$1.07, likely boosted by the futures roll-over effect.

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