Daily Markets Briefing: STI up 1.3%

Expect a pullback today.

According to OCBC, while STI finally broke its 10-day losing streak with a 1.3% rebound yesterday, further strong gains may be hard to come by; this as the mixed closing on Wall Street overnight could again impart a sense of caution to the local bourse.

Here's more from OCBC:
The uncertain economic climate in China could also be weighing on sentiment, given how much Singapore’s economy depends on exports to the mainland.

Nevertheless, the STI managed to recover above the key 100-DMA support-turned-resistance; and as long as it can sustain above this level, the index could edge higher towards the key 2800 hurdle.

But note that while overall volume improved 19% to 1.5b units traded, average value/unit slipped 33% to S$0.64, suggesting the focus may be shifting back to the penny plays.

Below 2763, we peg the next key support at 2700.

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