Daily Markets Briefing: STI down 0.08%

But expect some cheers in the local bourse today.

The Straits Times Index (STI) ended 2.4 points or 0.08% lower to 3171.36 on Thursday, taking the year-to-date performance to +10.09%.

The top active stocks were CapitaLand, which gained 1.08%; UOB, which declined 1.11%; DBS, which declined 0.52%; Singtel, which gained 0.27%; and Global Logistic, with a 0.69% advance.

According to OCBC Investment Research, this came as moderate gains in technology shares pushed the Nasdaq Composite to close at a record high ahead of earnings releases from companies such as Alphabet, Microsoft and Amazon.com.

Meanwhile, five out of eleven S&P 500 industries ended higher, led by Information Technology (0.60%) while Telecommunication Services (-1.30%) led the declines.

Here’s more from OCBC Investment Research:

The mild recovery on Wall Street overnight could bring some cheers to the local sentiment this morning.

Technically, the MACD is on the verge of a bullish crossover and RSI has been trending higher, but was down slightly yesterday, hovering around 56% now, suggesting that the upside momentum could be building up.

We keep the initial hurdle at 3180, ahead of 3200; on the downside, we peg the immediate support at 3140, followed by the next support at 3100.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia