Daily Markets Briefing: STI up 0.68%
Expect some boost today.
The Straits Times Index (STI) ended 20.69 points or 0.68% higher to 3067.49 on Wednesday, taking the year-to-date performance to +6.41%.
The top active stocks today were DBS, which declined 0.47%, Singtel, which gained 1.03%, Global Logistic, which declined 0.77%, UOB, which gained 0.29% and OCBC Bank, with a 0.96% advance.
OCBC said this came as U.S. stocks closed up modestly Wednesday after the Federal Reserve stood pat on interest rates and offered a positive view of the economy, while shares of Apple rallied a day after the iPhone maker reported strong earnings.
Meanwhile, four out of eleven S&P 500 industries ended higher, led by Information Technology (0.75%) and Health Care (0.71%) while Utilities (-1.73%) led the losses.
"The rebound on Wall Street overnight could provide a modest boost to the local bourse today," OCBC said.
Here's more from OCBC:
The STI managed to take out its 3065 initial hurdle yesterday, but the ability of the index to convincingly sustain itself above this level remains crucial. Failure which could see the index slipping towards 3025.
We peg the initial hurdle at 3100, ahead of 3140; on the downside, we peg the immediate support at 3025 ahead of 3000.
Overall volume rose 46.9% with 1.9b units traded, and total value climbed 15.0% to S$1.2b, while average value/unit fell 21.7% to S$0.63.