Daily Markets Briefing: STI down 0.6%

Expect a rebound today.

According to OCBC, the rebound on Wall Street overnight should provide some relief to the local bourse today, especially after yesterday’s 0.6% correction.

Here's more from OCBC:

Still, the daily technical indicators seem to be just drifting sideways, suggesting that the index could continue to drift within pretty well established ranges - between 2770 and 2740 in the near-term, and between 2800 and 2700 over the medium-term; this as the market winds down ahead of the Jun holidays.

Overall market volume has slipped another 5% to 1.6b units traded yesterday, and while average value/unit rose 15% to S$0.47, the penny plays continue to hog the centre stage.