Daily Markets Briefing: STI up 0.16%

But earnings boost might be limited.

The Straits Times Index (STI) ended 4.49 points or 0.16% higher to 2879.14 on Tuesday, taking the year-to-date performance to -0.12%.

This came as U.S. stocks closed higher, with the Nasdaq touching a record. But the market failed to make much headway as oil futures slumped ahead of a key meeting of major crude producers, OCBC Investmeant Research said.

Nine out of eleven S&P 500 industries ended higher, led by Real Estate (0.68%) and Health Care (0.65%) while Energy (-1.16%) and Telecommunication Services (-0.31%) lost ground.

"Following the STI’s 0.16% gains yesterday, the index has closer higher for the sixth session; but given the lack of strong catalyst, further upside is limited," OCBC said.

Here's more from the brokerage firm:

Gold for Feb delivery shed US$3.00, or 0.25%, to close at US$1190.80/ounce while Mar Silver increased by 7 cents, or 0.39%, to settle at US$16.74/ounce.

We peg the initial hurdle at 2900, ahead of 2925; on the downside, we peg the immediate support at 2825, ahead of 2800.

Overall volume rose 31.2% with 1.8b units traded, and the total value fell 7.9% to S$1.0; while average value/unit dipped 29.8% to S$0.53.

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