Daily Markets Briefing: STI up 0.87%
Expect a correction in the local bourse today.
OCBC said the pullback on Wall Street Friday amidst uncertainties from the upcoming Fed meeting could spark a similar correction in the local bourse today.
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.
The MACD has indicated a bearish crossover, suggesting that the downside momentum could be picking up again.
Overall volume shrank 32.7% with 1.0b units traded, and the total value tumbled 27.4% to S$0.9b; while average value/unit climbed 8.0% to S$0.88.