Daily Markets Briefing: STI down 0.38%

Expect some cheer to the local bourse today.

According to SGX, the Straits Times Index (STI) ended 12.59 points or 0.38% lower to 3259.57, taking the year-to-date performance to +13.15%.

The top active stocks were DBS, which declined 0.24%, Singtel, which closed unchanged, OCBC Bank, which declined 0.45%, Global Logistic, which declined 0.61% and ComfortDelGro, with a 1.72% fall. The FTSE ST Mid Cap Index declined 0.32%, while the FTSE ST Small Cap Index rose 0.17%.

Meanwhile, OCBC said U.S. stocks closed higher on Friday with the main indexes posting solid weekly gains after neither Federal Reserve Chairwoman Janet Yellen nor European Central Bank President Mario Draghi offered clues about future monetary policy moves in a pair of speeches at a central banker retreat in Wyoming.

The rebound on Wall Street Friday, according to OCBC, could provide some cheer to the local bourse this morning.

"We peg the initial hurdle at 3320, ahead of 3350; on the downside, we peg the immediate support at 3200, followed by the next support level at 3165. Overall volume tumbled 22.3% with 1.7b units traded, and total value fell 4.9% to S$1.0b, and average value/unit rose 22.4% to S$0.57," added OCBC.

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