Daily Markets Briefing: STI up 0.81%

Expect more gains today.

The Straits Times Index (STI) ended 23.68 points or 0.81% higher to 2943.05 on Monday, taking the year-to-date performance to +2.09%.

According to OCBC this came as the Dow Jones Industrial Average finished at a record as solid economic data offset concerns about Europe’s stability in the wake of a rejection of Italy’s vote on Sunday to reform existing constitutional rules.

Nine out of eleven S&P 500 industries ended higher, led by Financials (1.16%) while Health Care (-0.17%) and Industrials (-0.12%) bucked the trend.

This rally, OCBC said, could provide boost to local market today.

Here's more from the brokerage firm:

Gold for Feb delivery fell US$1.30, or 0.11%, to close at US$1176.50/ounce while Mar Silver increased by 7 cents, or 0.40%, to settle at US$16.90/ounce.

We peg the initial hurdle at 2955, the inability of the index to clear this level could send it back towards 2900.

Overall volume jumped 22.9% with 2.1b units traded, and the total value fell 10.0% to S$1.1; while average value/unit dipped 26.8% to S$0.51.

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