Daily Markets Briefing: STI up 1.12%

But don’t expect cheers in the local market today.

The Straits Times Index (STI) ended 35.67 points or 1.12% higher to 3211.11 on Tuesday, taking the year-to-date performance to +11.47%, according to SGX’s daily update.

The top active stocks were DBS, which gained 2.64%, UOB, which gained 4.59%, Singtel, which declined 0.27%, OCBC Bank, which gained 1.84% and CapitaLand, with a 1.86% fall.

According to OCBC Investment Research, this came as US stocks closed higher, while attention remains on the U.S. Federal Reserve’s two-day policy meeting. Meanwhile, 7 out of 11 S&P 500 industries ended higher, led by Industrials (0.54%) while Consumer Staples (-0.55%) led the declines.

Here’s more from OCBC Investment Research:

The mild recovery on Wall Street overnight is unlikely to provide much of a boost to the local bourse this morning.

We keep the initial hurdle at 3300, ahead of 3380; on the downside, we peg the immediate support at 3180, followed by the next support at 3140.

Overall volume surged 19.8% with 2.4b units traded, and total value dipped 5.6% to S$1.5b, while average value/unit dropped 21.8% to S$0.61.

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