STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI up 0.24%

But expect some losses today.

The Straits Times Index (STI) ended 7.09 points or 0.24% higher to 2937.86 on Friday, taking the year-to-date performance to +1.91%.

According to OCBC Investment Research, this came as U.S. stocks closed lower Friday, with the Dow industrials swinging to a loss, following reports that a Chinese warship seized an underwater U.S. Navy drone in international waters off the coast of the Philippines.

Meanwhile, seven out of eleven S&P 500 industries ended lower, with Financials (-0.88%) leading the declines while Utilities (1.24%) and Real Estate (1.20%) led the gains. The index retreated 0.06% for the week.

"The pullback on Wall Street Friday could weigh on local sentiment, easing STI’s gains in the previous session," OCBC said.

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Gold for Feb delivery rose US$7.60, or 0.67%, to close at US$1137.40/ounce while Mar Silver increased by 26 cents, or 1.61%, to settle at US$16.22/ounce. Gold and Silver lost 2.11% and 4.43% each.

We peg the initial hurdle at 2955, ahead of 2990; on the downside, we peg the immediate support at 2925, ahead of 2900.

Overall volume climbed 11.8% with 2.3b units traded, and the total value jumped 19.9% to S$1.3b; while average value/unit rose 7.3% to S$0.56.

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