Daily Markets Briefing: STI down 0.1%

Expect some pullback today.

According to OCBC, the pullback on Wall Street last Friday night could continue to keep local sentiment fairly cautious today; this adding to the muted close where the STI closed 0.1% lower Friday; this after failing to clear the initial hurdle at 2885.

Here’s more from OCBC:

And continued failure to convincingly clear the next key 2900 level could bring about more profit-taking and send the STI easing back towards 2850 or even 2800.

Overall volume was flat with 1.98b units traded, but total value slipped 8% to S$976.7m; this as average value/unit fell 9% to S$0.49, as penny stocks continue to hog the limelight.

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