Daily Markets Briefing: STI down 0.13%

Brace for a pullback today.

According to OCBC, although Wall Street closed higher overnight, the overall tone in the local bourse could remain somewhat cautious when it reopens as per normal this morning; this after a technical glitch halted trade on the SGX for nearly six hours yesterday.

Here’s more from OCBC:

And with only less than three hours of trading done yesterday, overall volume plunged 73% with just 778.0m units done, while total value dropped 70% to S$339.3m, even as average value/unit rose 12% to S$0.44.

Nevertheless, we are still likely to see further near-term consolidation around the key 2900 level before the index pushes higher again; we peg 2885 and 2920 as the initial boundaries.