No boost is expected today.
The Straits Times Index (STI) ended 24.48 points or 0.82% higher to 3006.02 on Tuesday, taking the year-to-date performance to +4.28%.
According to OCBC Investment Research, this came as the Nasdaq Composite notched its fourth record close in a row on Tuesday, representing the longest stretch of record closes for the tech-heavy index since 1999.
The S&P 500 industries ended flat. The best performers were Consumer Discretionary (0.40%) and Financials (0.39%) while the worst performers were Real Estate (-1.29%) and Energy (-0.95%).
"The muted showing on Wall Street overnight is unlikely to provide much in terms of cues to the local bourse this morning," OCBC said.
Meanwhile, the top active stocks today were OCBC Bank, which gained 1.63%, Global Logistic, which gained 3.24%, DBS, which gained 0.78%, Singtel, which gained 0.53% and Ascendas REIT, with a 1.68% advance.
Here's more from the firm:
Technically, RSI has entered the overbought region, suggesting a potential reversal in the near-term.
On the upside, we peg the immediate resistance at 3015, ahead of 3040. On the downside, we peg the immediate base to 3000 resistance-turned-support level, a break of this level could send the STI easing towards 2970.
Overall volume tumbled further, dropping 12.1% to 1.9b units traded, and total value jumped 46.3% to S$1.2b, while average value/unit rose 66.5% to S$0.65.
Do you know more about this story? Contact us anonymously through this link.