Daily Markets Briefing: STI down 0.21%

Expect muted gains today.

According to OCBC, given the lack of cues with Wall Street shut overnight, the STI is likely to continue to drift sideways today, trading around the 2800 key level.

Here's more from OCBC:

Once again, if the index fails to convincingly stay above the 2800 handle, we could see a deeper pullback towards 2770, breaking which, the STI could slip further towards 2740.

On the upside, we peg the next hurdle at 2820 and then 2850.

Volume of STI stocks inched up 7% to 834.5m units traded, but average value/unit slipped 38% to S$0.72; this probably reflecting the start of the month-long school holidays, as well as the US market holiday.

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