Daily Markets Briefing: STI down 0.4%

Brace for a pullback today.

According to OCBC, the poor showing on Wall Street last Friday is likely to weigh further on the local bourse today, and extend the STI’s 0.4% pullback.

Here’s more from OCBC:

As before, the continued failure of the index’s inability to convincingly re-take the key 100-DMA support-turned-resistance (now hovering around 2759) does not bode well for the market in the medium term.

Hence, we could see the index slipping further to test the first key support at 2700 soon; a break of which could send it sliding further to 2680.

Meanwhile, we also saw average value/unit jump 53% to S$0.72, even though overall volume slipped 17% to 1.5b units traded; this as we saw some bargain hunting in the local banks, but is likely to fizzle out once again amid a generally weaker market.

Above 2760, we peg the next key hurdle at 2800.

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