Daily Markets Briefing: STI down 0.4%

Expect some gains today.

According to OCBC, the modest gains on Wall Street overnight should provide a much-needed boost to the local bourse this morning; although the Nikkei got off to a poor start, down 0.5% in early trade.

Here's more from OCBC:

While the daily MACD has just cut down recently, the STI looks due for a minor technical rebound; but it remains to be seen if it has sufficient momentum to overcome the immediate 2950 hurdle.

Meanwhile, overall volume has fallen by over 32% yesterday; although average value has jumped back to S$0.57/unit, we note that the spotlight continues to fall on the second liners.

Above 2850, we peg the main hurdle at 2900.

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