Daily Markets Briefing: STI down 1%

Expect a rebound today.

According to OCBC, the rebound on Wall Street overnight should bring some much-needed relief to the local bourse this morning, especially after the STI’s 1% slide yesterday. OCBC also noted that the average value per unit has risen above S$1 as well.

Here's more from OCBC:

Still, the overall tone could remain cautious until the end of the US FOMC meeting (16-17 Sep); until then, we could see investors continuing to sell into strength, should the index fail to retake the initial key 2900 level.

But daily technical indicators suggest that it would be an uphill task to convincingly clear that hurdle in the near term.

Hence we still expect the index to ease further to 2800 region, breaking which, the next key support would be found only around 2600.

Above 2900, 3000 remains the main hurdle to clear.

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