Published:
Daily Markets Briefing: STI up 1%
But this is not a convincing rebound.
According to OCBC, although the STI staged a rebound of nearly 1% yesterday, it looked far from convincing given the low market volume as well as the inability to close above the immediate 3100 hurdle.
Here's more from OCBC:
And with the more muted Wall Street close overnight (Nikkei has opened 0.4% lower), the inability of the STI to conquer 3100 could lead to investors lightening their positions ahead of the weekend.
On the downside, we continue to peg our initial support at 3053, ahead of the key 3000 psychological support; but we note that the medium-term risks are skewed to the downside.
Above 3100, we peg the next hurdle at 3150.
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