STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI down 0.09%

But expect gains today.

The Straits Times Index (STI) ended 2.73 points or 0.09% lower to 2956.13, taking the year-to-date performance to +2.55%.

According to OCBC Investment Research, this came as U.S. stocks closed at a record, with the S&P 500 notching its best winning streak since June 2014 and the Dow Jones Industrial Average extending gains for a fifth week.

Nine out of eleven S&P 500 industries ended higher, led by Consumer Staples (1.36%) while Real Estate (-0.08%) and Materials (-0.06%) bucked the trend. The index was up 3.08% for the week.

The firm said this could keep local sentiment fairly upbeat today.

Here's more from OCBC:

Gold for Feb delivery lost US$10.50, or 0.90%, to close at US$1161.90/ounce while Mar Silver decreased by 13 cents, or 0.75%, to settle at US$16.97/ounce. For the week, Gold shed 1.35% while Silver gained 0.80%.

We continue to peg the initial hurdle at 2980, ahead of 3000. On the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume shrank 1.6% with 1.8b units traded, and the total value dipped 18.9% to S$1.1b; while average value/unit was down 17.6% to S$0.61. 

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