Daily Markets Briefing: STI up 0.21%

Expect local market to be buoyant today.

The Straits Times Index (STI) ended 6.07 points or 0.21% higher to 2949.12 On Wednesday, taking the year-to-date performance to +2.30%.

According to OCBC Investment Research, this came as U.S. stocks rose, with the Dow Jones Industrial Average finishing at an all-time high for a second day in a row, as the theme of rotational buying into new leaders such as financials and dividend-rich telecommunication shares continued.

Nine out of eleven S&P 500 industries ended higher, led by Telecommunication Services (1.46%) and Financials (0.95%) while Utilities (-0.25%) and Energy (-0.10%) bucked the trend.

"The continued gains on Wall Street overnight could keep the local sentiment fairly buoyant this morning," OCBC said.

Here's more from the brokerage firm:

But the recent price action suggests that the market may be due for a technical correction soon. We note that the daily RSI continues to hover above its overbought region, although the daily MACD continues to look pretty positive.

As such, we peg the initial hurdle at 2955, the inability of the index to clear this level could send it back towards 2925. We peg the next resistance and support level at 2970 and 2900, respectively.

Overall volume shrank 18.3% with 1.8b units traded, and the total value rose 2.9% to S$1.1; while average value/unit was up 26.0% to S$0.64.

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