Daily Markets Briefing: STI up 1.3%

Expect more weakness today.

According to OCBC, persistent weakness on Wall Street overnight could keep local sentiment depressed, extending the STI’s 1.3% fall yesterday and its 3-day losing streak.

Here's more from OCBC:

And with increased uncertainty in the market ahead of the Brexit vote next week, we could see more investors taking more money off the table; this could send the STI sliding back towards 2700 should it crack the important 100-DMA support (currently hovering around 2760).

On the upside, we peg the key hurdle at 2800, ahead of 2820.

Overall volume surged 75%, with 2.53b units traded; but total value slipped 4% to S$925.2m, as average value tumbled 46% to just S$0.37, while losers overwhelmed gainers some 3 to 1, as penny stocks led the sell-off.