Daily Markets Briefing: STI up 0.2%

The index could inch higher to the key peak.

According to OCBC, US stocks posted records on Thursday on the back of relatively modest gains, as the Nasdaq Composite close at its highest level ever and the S&P 500 flirted with a record close.

Eight industries of the S&P 500 closed up. The best performer was Telecommunication Services (2.24%) while the worst performer was Consumer Staples (-0.42%).

Here's more from OCBC:

Jun WTI Crude rose by US$1.58 or 2.81%, to close at US$57.74/barrel while Jun Brent gained US$2.12, or 3.38% to end at US$64.85/barrel.

Gold for Jun delivery added US$7.40 or 0.62%, to finish at US$1194.30/ounce while May Silver gained 4 cents, or 0.22%, to settle at US$15.87/ounce.

The continued recovery on Wall Street overnight could provide further inspiration to the local bourse this morning.

Meanwhile, the STI has seemingly succeed in overcoming the 3500 psychological level yesterday with a 0.2% gain.

And with today’s tone likely to remain more upside biased, we could see the index inching higher towards the 3550 key peak.

Above that, the next hurdle lies at the 3600 psychological resistance. On the downside, 3460 is still the key resistance-turned-support level.

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