Daily Markets Briefing: STI up 0.7%

Expect more gains today.

The Straits Times Index (STI) ended 19.49 points or 0.7% higher to 2813.48 on Thursday, taking the year-to-date performance to -2.40%.

OCBC Investment Research said this came as U.S. stocks closed slightly higher as an improving economic picture and greater clarity on Federal Reserve policy allowed the market’s postelection uptrend to continue, putting the S&P 500 and Dow within reach of attaining new record closing highs.

"Six out of eleven S&P 500 industries ended higher, led by Financials (1.25%) and Consumer Discretionary (1.22%) while Real Estate (-0.98%) led the declines," the firm noted.

These gains could keep sentiments upbeat, and may extend gains today.

Here's more from OCBC:

Dec WTI Crude fell 15 cents, or 0.33%, to close at US$45.42/barrel while Jan Brent lost 14 cents, or 0.30%, to end at US$46.49/barrel.

Gold for Dec delivery shed US$7.00, or 0.57%, to close at US$1216.90/ounce while Dec Silver decreased by 16 cents, or 0.92%, to settle at US$16.77/ounce.

We continue to peg the initial hurdle at 2835, ahead of 2850; on the downside, we peg the immediate support at 2785, ahead of 2770.

Overall volume shrank 10.2% with 1.8b units traded, and the total value was down 3.1% to S$1.2b; while average value/unit rose 7.8% to S$0.67.

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