Daily Markets Briefing: STI up 0.55%

Expect more gains today.

The Straits Times Index (STI) ended 15.61 points or 0.55% higher to 2859.33 on Friday, taking the year-to-date performance to -0.81%.

According to OCBC, this came as the U.S. ended a holiday-shortened session with gains, with major indexes extending their string of record closes and chalking up their third straight weekly advance.

Ten out of eleven S&P 500 industries ended higher, led by Utilities (1.43%) and Telecommunication Services (1.06%) while Energy (-0.39%) lost ground. The index was up 1.44% for the week.

The gains on Wall Street Friday is likely to keep local sentiment fairly buoyant this morning.

Here's more from OCBC:

Gold for Feb delivery shed US$11.40, or 0.96%, to close at US$1181.00/ounce while Mar Silver increased by 7 cents, or 0.42%, to settle at US$16.55/ounce. For the week, Gold and Silver lost 2.53% and 1.00% each.

On the upside, we peg the initial hurdle at 2875, ahead of 2900; on the downside, we peg the immediate support at 2825, ahead of 2800.

Overall volume jumped 26.8% with 1.7b units traded, and the total value fell 0.4% to S$1.2; while average value/unit dipped 21.4% to S$0.70.

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