Daily Markets Briefing: STI down 0.2%

Expect a rebound today.

The modest rebound on Wall Street overnight could also inspire a similar recovery in the local bourse today, especially after the STI’s 0.2% correction yesterday.

Having said that, we believe that the near-term outlook remains slightly muted; and we could still see profit-taking emerging should the index fail to convincingly clear the key 2900 hurdle.

If that happens, the STI could correct back towards 2850 and even 2800 before stronger bargain hunting interest emerges.

Overall volume rose another 24% to 1.98b units traded, but total value slipped 18% to S$1.06b; this as average value/unit tumbled 35% to S$0.53, led by renewed interest in the penny plays.

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