Daily Markets Briefing: STI down 0.6%

Brace for a pullback today.

According to OCBC, continued weakness on Wall Street overnight ahead of the Brexit vote next week is also likely to weigh further on local sentiment; and we could see the STI adding further to its 0.6% loss yesterday, as well as its 4-day losing streak.

Here’s more from OCBC:

As before, a break of the key 100-DMA support (currently around 2760) does not bode well and could result in the STI easing further to 2700 in the near term; below that, we peg the next support at 2680.

But if it does hold, we may just get a technical rebound; however, we believe that investors are more likely to use any bounce to unwind stale longs. Hence we continue to peg the key hurdle at 2800, ahead of 2820.

Meanwhile, overall volume shrank 39% to 1.55b units traded, while total value eased 7% to S$862.6m, and average value/unit jumped 50% to S$0.56.

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