Daily Markets Briefing: STI down 0.14%

Expect muted gains today.

According to OCBC, gains on Wall Street overnight could bring a much need sense of relief to the local bourse today, although the overall tone is likely to remain cautious.

Here’s more from OCBC:

We peg the immediate support at 2800, ahead of its next support level at 2740; on the upside, we peg the initial hurdle at 2850, ahead of 2875.

After a four-day losing streak, with the index down another 0.1% Thursday, the STI does look due for a technical rebound, even though the daily RSI is still some distance away from showing oversold signal.

Overall volume shrank 21.4% with 1.5b units traded, and the total value rose 13.7% to S$1.3b; while average value/unit climbed 44.7% to S$0.82.