Daily Markets Briefing: STI up 0.78%

Expect more cheers in the local bourse today.

The Straits Times Index (STI) ended 25.14 points or 0.78% higher to 3235.96 on Thursday, taking the year-to-date performance to +12.33%.

Based on Singapore Exchange's Market Summary, the top active stocks were Singtel, which gained 1.06%, DBS, which gained 0.88%, OCBC Bank, which gained 0.67%, JMH USD, which gained 1.61% and ThaiBev, with a 1.14% advance.

According to OCBC Investment Research, this came as all three main stock indexes closed at record highs as a strong read on private-sector employment helped to bolster confidence in the economy ahead of Friday’s closely watched jobs report.

Meanwhile, all eleven S&P 500 industries ended higher, led by Financials (1.19%) and Health Care (1.18%).

Here's more from the brokerage firm:

The gains on Wall Street overnight could bring some cheer to the local bourse this morning.

With today’s tone likely to be positive, we could potentially see the 3250 key resistance being tested. Above it, we peg the next resistance level at 3300.

On the downside, the immediate support lies at 3200, followed by the next support level at 3170.

Overall volume dwindled 3.1% with 2.1b units traded, and total value dipped 31.8% to S$1.3b, while average value/unit fell 29.6% to S$0.61.

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