Daily Markets Briefing: STI up 1.6%

Expect muted gains today.

According to OCBC, gains on Wall Street overnight could continue to provide some support to the local bourse, although further sharp gains are unlikely after the STI’s 1.6% rebound yesterday.

Here’s more from OCBC:

We peg the initial hurdle at 2900, ahead of 2935; on the downside, we peg the immediate support at 2875, a break of this level could send the STI index easing towards 2860.

Overall volume jumped 43.9% with 1.9b units traded, and the total value jumped 48.0% to S$1.4b; while average value/unit increased 4.1% to S$0.72.

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