Daily Markets Briefing: STI up 0.13%

Expect some boost today.

The Straits Times Index (STI) ended 4.2 points or 0.13% higher to 3144.03 on Monday, taking the year-to-date performance to +9.14%.

The top active stocks were Singtel, which closed unchanged, DBS, which gained 1.23%, OCBC Bank, which gained 0.52%, Keppel Corp, which declined 0.76% and CapitaLand, with a closed unchanged.

According to OCBC Investment Research, this came as US stocks rallied to finish higher, with major indexes advancing more than 1% and the tech-heavy Nasdaq scoring a record high close following a strong showing by centrist Emmanuel Macron in the French presidential election, which averted fears of a Eurosceptic-only runoff.

Meanwhile, nine out of eleven S&P 500 industries ended higher, led by Financials (2.19%) and Industrials (1.31%) while Real Estate (-0.91%) and Telecommunication Services (-0.04%) lost ground.

Here’s more from OCBC Investment Research:

The rally on Wall Street overnight could lift local sentiment, potentially extending yesterday’s 0.1% gains.

We continue to peg the initial hurdle at 3180, ahead of 3200; on the downside, we keep the immediate support at 3110, ahead of 3085.

Overall volume jumped 52.4% with 3.3b units traded, and total value climbed 6.7% to S$1.1b, while average value/unit fell 30% to S$0.34.