Published:
Daily Markets Briefing: STI down 0.5%
Brace for a decline today.
According to OCBC, the pullback on Wall Street overnight is likely to see more profit-taking in the local bourse today, especially ahead of the public holiday tomorrow.
Here's more from OCBC:
Although the STI started pretty sprightly yesterday, it later gave up all its gains and more to end 0.5% lower.
As expected, the index’s continued failure to sustain above the key 2900 level has not only led to profit-taking but may have also brought out some of the bears to play.
We still believe that the STI looks technically more prone to further downside risk; while we peg the initial support at 2850, the real key support is likely around 2800.
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