Published:
Daily Markets Briefing: STI up 1%
Expect a pullback today.
According to OCBC, the modestly higher showing on Wall Street overnight are unlikely to have much influence on the local bourse this morning.
Here's more from OCBC:
Instead, it will not be surprising to see short-term traders taking profit soon, especially after the STI surged more than 1.1% yesterday; this after overcoming the 3460 key resistance a few sessions back.
However, we deem the correction to be healthy.
For now, we are pegging the immediate base at the 3460 newly established resistance-turned-support. On the upside, the immediate key hurdle lies at the 3600 psychological level.
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