Daily Markets Briefing: STI up 0.52%

Local sentiment will be fairly buoyant today.

The Straits Times Index (STI) ended 16.01 points or 0.52% higher to 3088.48, taking the year-to-date performance to +7.14%.

The top active stocks were ThaiBev, which gained 6.82%, DBS, which declined 0.16%, Noble, which gained 9.09%, Singtel, which gained 0.76% and OCBC Bank, with a 0.21% advance. The FTSE ST Mid Cap Index gained 0.29%, while the FTSE ST Small Cap Index rose 0.06%.

According to OCBC, the rally on Wall Street overnight could make local sentiment fairly buoyant today, potentially extending the gains in the previous session.

"We peg the initial resistance at 3100, ahead of 3165; on the downside, we continue to peg the immediate support at 3070, if it does not hold, the STI may ease further to 3040. Overall volume decline 2.2% with 3.3b units traded, and total value dropped 0.3% to S$1.4b, while average value/unit gained 2.3% to S$0.44."