Daily Markets Briefing: STI up 0.2%

Expect more gains today.

The Straits Times Index (STI) ended 5.53 points or 0.2% higher to 2822.2 on Tuesday, taking the year-to-date performance to -2.10.

According to OCBC Investment Research, this came as major U.S. stock indexes closed at record highs for a second straight session, with the Dow industrials and the S&P 500 also clearing noteworthy psychological barriers.

Nine out of eleven S&P 500 industries ended higher, with Telecommunication Services (2.08%) and Real Estate (1.69%) leading the gains while Health Care (-1.40%) and Energy (-0.01%) bucked the trend.

OCBC said this should bring more cheer to the local bourse today, potentially extending the 0.2% gains.

Here's more from OCBC:

Gold for Dec delivery rose US$1.40, or 0.12%, to close at US$1211.20/ounce while Mar Silver decreased by 11 cents, or 0.69%, to settle at US$16.74/ounce.

As before, we peg the initial hurdle at 2850, ahead of 2860; on the downside, we peg the immediate support at 2800, ahead of 2770.

Overall volume jumped 35.2% with 2.4b units traded, and the total value climbed 22.3% to S$1.5b; while average value/unit dipped 9.5% to S$0.63.

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