Daily Markets Briefing: STI down 0.22%

It is likely to remain range-bound.

For the sixth consecutive trading day, STI slipped 0.22% to 2,836.98.

According to OCBC, gains on Wall Street overnight could keep the local bourse fairly upbeat. For now, given the lack of strong catalysts, the STI is likely to remain largely range-bound.

"We continue to peg the immediate support around 2800, ahead of 2785; on the upside, we peg the initial hurdle at 2885, ahead of 2900," OCBC said.

Overall volume shrank 15.3% with 1.02b units traded, and total value decreased by 0.4% to S$0.7b; while average value/unit hit S$0.74, OCBC said.

Despite gains in Jardine C&C (+2.05%) and Genting Singapore (+2.03%), the index dropped largely due to losses in Gold Agri-Resources (-27%), ComfortDelGro (-2.07%) and Sembcorp Marine (-1.88%).