Daily Markets Briefing: STI up 0.4%

Year-to-date performance stood at -1.45%.

Singapore Exchange said:

The Straits Times Index (STI) ended 12.89 points higher or +0.41% to 3,121.08, taking the year-to-date performance to -1.45%.

The FTSE ST Mid Cap Index gained +0.67% while the FTSE ST Small Cap Index gained +0.56%. The top active stocks were Albedo (-4.55%), Yangzijiang (+5.29%), Noble Group (+11.05%), Genting Singapore (+1.38%) and Wilmar (+2.54%).

OCBC Investment Research said:

With US stocks halting their winning streaks overnight, this could dampen local sentiments slightly this morning.

Following a 0.4% recovery by the STI yesterday, it is once again hovering just below the 3130 near term support-turned-resistance.

And with selling pressure likely to surface around this immediate hurdle, we could possibly see the index reversing its move on the downside again.

For now, we still see 3070 as the immediate resistance-turned-support, with the next base lying at the 3000 key psychological support. Beyond the 3130 resistance, the next key obstacle lies at the 3180 support-turned-resistance.

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