Daily Markets Briefing: STI down 1.5%

Expect a slight rebound today.

According to OCBC, the muted showing on Wall Street Friday night is unlikely provide much of a boost to the local bourse this morning; the Nikkei has opened 0.2% lower.

Here's more from OCBC:

Still, the STI does look ripe for a technical rebound, especially after the sharp gap down last Friday; but note that the sell-down was led by the larger cap stocks like banks.

As such, we still expect the overall tone to remain somewhat cautious, and do not rule out further attempts to sell into strength.

We peg the initial hurdle at 3246, ahead of 3302; on the downside, we think that 3202 should hold for now, otherwise, we could see the index easing back to 3150.

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