, Singapore

Daily Markets Briefing: STI up 0.6%

Brace for a pullback today.

According to OCBC, the pullback on Wall Street overnight could also spark a similar move in the local bourse today; the Nikkei is already down 0.6% in early trade.

Although the STI recovered 0.6% yesterday, we note that the overall volume has fallen some 23%, while the average value/unit was little changed at S$0.49.

Here’s more from OCBC:

In addition, the inability of the STI to clear the initial 2850 hurdle (only hit an intraday high of 2846 yesterday) does not bode well for the bulls in the near term; hence a pullback towards 2800 looks likely.

And for now, we expect to see the STI range trade between these two levels until we see more colour from the 1Q16 earnings due over the next 40 days or so.

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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley