Daily Markets Briefing: STI up 0.37%

Expect more gains today.

The Straits Times Index (STI) ended 10.28 points or 0.37% higher to 2797.55 on Tuesday, taking the year-to-date performance to -2.95%.

According to OCBC this came after U.S. stocks closed higher, continuing the market’s postelection updraft, with the Dow Jones Industrial Average turning in a seventh winning session in a row and its fourth straight record close.

Ten out of eleven S&P 500 industries ended higher, led by Energy (2.68%) and Telecommunication Services (2.10%) while Real Estate (-0.65%) bucked the trend.

"The rebound on Wall Street overnight could provide a modest boost to the local bourse today, potentially extending the 0.4% gains yesterday," the brokerage firm noted.

Here's more from OCBC:

Dec WTI Crude added US$2.49, or 5.75%, to close at US$45.81/barrel while Jan Brent gained US$2.52, or 5.67%, to end at US$46.95/barrel.

Gold for Dec delivery rose US$2.80, or 0.23%, to close at US$1224.50/ounce while Dec Silver climbed by 15 cents, or 0.89%, to settle at US$17.04/ounce.

As before, we expect the index to hold around 2785 to 2835 in the near term, and probably even 2770 to 2850.

Overall volume shrank 15.2% with 2.1b units traded, and the total value dipped 3.4% to S$1.2b; while average value/unit rose 13.9% to S$0.59.

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