Daily Markets Briefing: STI down 0.97%

Don't expect too much for gains today.

The Straits Times Index (STI) ended 27.33 points or 0.97% lower to 2787.27 on Monday, taking the year-to-date performance to -3.31%.

According to OCBC Investment Research, this came as the Dow Jones Industrial Average edged up to a record-high close on Monday even as the broader stock market came under pressure, with investors seeking more clarity on the policy proposals of President-elect Donald Trump’s administration.

Six of the eleven S&P 500 industries ended lower, led by Information Technology (-1.71%) while Financials (2.29%) led the gains.

This mixed showings, OCBC stated, is unlikely to provide much of a boost to the local bourse today.

Here's more from OCBC:

Gold for Dec delivery fell US$2.60, or 0.21%, to close at US$1221.70/ounce while Dec Silver slipped 49 cents, or 2.81%, to settle at US$16.89/ounce.

We peg the initial hurdle at 2835, ahead of 2850; on the downside, we peg the immediate support at 2785, a break of which will send the index easing towards 2770.

Overall volume jumped 5.7% with 2.4b units traded, and the total value shrank 32.3% to S$1.3b; while average value/unit fell 35.9% to S$0.52.

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