Daily Markets Briefing: STI up 0.16%

Expect more gains today.

According to OCBC, continued strength on Wall Street overnight should keep local sentiment modestly upbeat, potentially extending the STI’s 0.2% gains yesterday.

Here’s more from OCBC:

Still, the ability of the index to sustain itself convincingly remains crucial – failure to do so could see it slipping back towards the initial support at 2770.

But with the Jun holidays upon us, chances are the STI will continue to range within a pretty narrow band, probably between 2770 and 2820 in the near term.

Meanwhile, overall volume was down 4% with 1.5b units traded, and average value/unit slipped 26% to S$0.51; this as micro-penny stocks continue to hog the spotlight – Cedar Strategic jumped 50% to 0.03c with 441m shares traded.