Daily Markets Briefing: STI up 0.07%

But Wall Street's weakness could dampen local market's mood today.

The STI ended 1.83 points or 0.07% higher to 2817.07, taking the year-to-date performance to -2.28%.

According to OCBC Investment Research, this came after US stocks ended on a lower note on Monday as warnings about accelerating inflation coupled with crude-oil trading below $50 a barrel overshadowed strong earnings from Bank of America Corp.

Seven of the 11 S&P 500 industries ended lower. The best performer was Utilities (0.55%) and worst performer was Consumer Discretionary (-0.77%).

OCBC stated that this weakness could dampen the mood of local markets today.

"With today’s tone likely to be bearish, we could see the index easing towards its 2795 immediate support level," the brokerage firm said.

Here's more from OCBC:

Gold for Dec delivery gained US$1.10, or 0.09%, to close at US$1256.60/ounce while Dec Silver added 3 cents, or 0.19%, to settle at US$17.47/ounce.

Meanwhile, on the upside, we peg the initial hurdle at 2880, followed by the 2900 subsequent resistance level.

Overall volume gained 10.7% with 2.95b units traded, and the total value dropped 12.5% to S$1.0b; while average value/unit fell 21.0% to S$0.34.

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