Daily Markets Briefing: STI up 0.3%

Expect some weakness today.

According to OCBC, continued weakness on Wall Street Friday night and an uncertain outlook for crude prices could start weighing on local sentiment.

Here's more from OCBC:

Although the STI managed to put on more gains last Friday to close above the important 2919 support, overall volume was flat at just under 1.3b units traded; average value/unit also slipped sharply to S$0.68 from S$1.00 the previous session.

As such, we can expect to see some healthy profit-taking emerging soon (especially if the index fails to hold above 2919); and again put the key 2900 support to the test.

On the upside, we peg the next hurdle at 2950, ahead of the key 3000 psychological barrier.