Daily Markets Briefing: STI down 1%

Expect some gains today.

According to OCBC, the local bourse is likely to get a reprieve from the strong rebound on Wall Street overnight. The STI has also fallen 3.1% over the past six sessions, making it ripe for a technical rebound towards the initial 3302 hurdle.

Here's more from OCBC:

However, the daily technical indicators are still looking somewhat muted, suggesting that selling into strength could not be ruled out, especially if the index fails to clear 3357 convincingly.

On the downside, we peg the immediate support at 3267, ahead of 3200.

No doubt we are likely to see interest returning to penny plays; but we continue to advise caution.

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