Expect losses today as market turns fairly cautious.
The Straits Times Index (STI) ended 9.06 points or 0.31% lower to 2947.07 on Monday, taking the year-to-date performance to +2.23%.
According to OCBC Investment Research, this came as U.S. stocks struggled for direction on Monday, with the Dow notching the latest in a string of record closes, while the S&P 500 and Nasdaq finished lower.
Meanwhile, five out of eleven S&P 500 industries ended lower, led by Financials (-0.91%) while Telecommunication Services (1.08%) led the gains.
"The mixed showing on Wall Street overnight is likely to keep local sentiment fairly cautious today," OCBC said.
Here's more from the brokerage firm:
Gold for Feb delivery rose US$3.90, or 0.34%, to close at US$1165.80/ounce while Mar Silver increased by 22 cents, or 1.30%, to settle at US$17.19/ounce.
We expect the market to be range bound between 2925 and 2980 for now, and peg the next resistance and support at 3000 and 2900, respectively.
Overall volume jumped 46.6% with 2.6b units traded, and the total value climbed 10.3% to S$1.2b; while average value/unit dipped 24.8% to S$0.46.
Do you know more about this story? Contact us anonymously through this link.