Daily Markets Briefing: STI down 0.17%

Gains from Wall Street could provide support to local markets.

The STI ended 5 points or 0.17% lower to 2870.24 in Monday, taking the year-to-date performance to -0.43%.

According to OCBC, this came after US stocks closed higher amidst increasing optimism that OPEC would reach a deal to cut production.

All 11 S&P 500 industries ended higher, with Energy and Utilities recording the most gains at 1.51% and 0.84%, respectively.

OCBC noted that these gains could continue to provide some support to local bourse today.

Here’s more from OCBC:

Nov WTI Crude added $1.54, or 3.09%, to close at US$51.35/barrel while Dec Brent was up $1.21, or 2.33%, to end at US$53.14/barrel.

Gold for Dec delivery gained US$8.50, or 0.68%, to close at US$1260.40/ounce while Dec Silver added 28 cents, or 1.61%, to settle at US$17.66/ounce.

Overall volume gained 20.1% with 2.4b units traded, and the total value dropped 29.1% to S$0.6b; while average value/unit dropped to S$0.25.

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