Daily Markets Briefing: STI up 0.03%

Local sentiment today is likely to be positive.

The Straits Times Index (STI) ended 1.11 points or 0.03% higher to 3229.73 on Friday, taking the year-to-date performance to +12.11%.

According to Singapore Exchange Market Summary, the top active stocks were Singtel, which gained 0.54%, DBS, which declined 0.15%, OCBC Bank, which gained 0.59%, UOB, which gained 0.22% and CapitaLand, with a 0.55% fall.

OCBC Investment Research said this came as US stocks finished higher with the Nasdaq and the S&P 500 closing at records as investors weighed a stronger-than-expected April employment report against uncertainty of the outcome of the French presidential election on Sunday.

Meanwhile, nine out of eleven S&P 500 industries ended higher, led by Energy (1.62%) while Financials (-0.10%) and Healthcare (-0.06%) lost ground. For the week, the index was up 0.63%.

Here's more from OCBC Investment Research: The gains on Wall Street Friday could lift local sentiment this morning.

With today’s tone likely to be positive, we could see the STI inching higher in the direction of the 3260 immediate support.

On the downside, 3200 remains the key immediate support, followed by the next support at 3170.

Overall volume surged 88.1% with 4.2b units traded, while total value fell 6.8% to S$1.1b, and average value/unit dipped 50.5% to S$0.27.

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