Daily Markets Briefing: STI down 0.4%

It may continue to drift sideways.

The Straits Times Index (STI) ended 11.95 points or 0.4% lower to 3013.12 on Monday, taking the year-to-date performance to +4.52%.

The top active stocks today were Global Logistic, which declined 2.64%, DBS, which gained 0.06%, Singtel, which declined 0.52%, UOB, which gained 0.05% and OCBC Bank, with a 0.32% fall.

This came as the US market was closed for Martin Luther King, Jr. Day, according to OCBC Investment Research. More so, European stocks slumped Monday, with auto makers and banks losing ground as investors mulled policy signals coming from the U.K. and the U.S.

"Given the lack of cues with Wall Street shut overnight, the STI is likely to continue to drift sideways, trading around 3000 level," OCBC said.

Here's more from the brokerage firm:

On the upside, we continue to peg the initial hurdle at 3040, ahead of 3065; on the downside, we peg the immediate and next support level at 3000 and 2070, respectively.

While overall volume surged 64.1% with 2.8b units traded, total value dipped 27.1% to S$0.8b, average value/unit fell 55.6% to S$0.28.

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