Daily Markets Briefing: STI up 0.2%

Brace for a pullback today.

According to OCBC, the pullback on Wall Street overnight on the back of weaker crude prices should convince more investors to lock in some of the recent gains.

Here’s more from OCBC:

While the STI ended another 0.2% higher yesterday, adding to Monday’s 1.5% rebound, we note that the market breadth was actually slightly negative; this suggesting that it would be tough to clear the key 2900 hurdle in the near term. 

And as before, failure to convincingly clear this level could send the STI easing back towards 2850 or even 2800. 

Overall volume rose 24% to 1.59b units traded, while total value grew 21% to S$1.30b; but average value/unit dipped 3% to S$0.82.