STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI down 0.79%

But expect some gains today.

The Straits Times Index (STI) ended 23.29 points or 0.79% lower to 2930.77, taking the year-to-date performance to +1.67%.

According to OCBC Investment Research, this came as U.S. stocks closed higher Thursday, but off their intraday highs, as investors adjusted to the Federal Reserve’s plan for a faster path of interest-rate increases in 2017.

Meanwhile, nine out of eleven S&P 500 industries ended higher, led by Financials (1.02%) while Real Estate (-0.71%) and Consumer Discretionary (-0.25%) lost ground.

"The rebound on Wall Street overnight could provide some cheer to the local bourse today," OCBC said.

Here's more from OCBC:

Gold for Feb delivery fell US$33.90, or 2.91%, to close at US$1129.80/ounce while Mar Silver decreased by US$1.26, or 7.33%, to settle at US$15.96/ounce.

We peg the initial hurdle at 2955, ahead of 2990; on the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume climbed 6.9% with 2.1b units traded, and the total value was up 16.1% to S$1.1b; while average value/unit rose 8.6% to S$0.53.

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