Daily Markets Briefing: STI down 0.03%

But expect gains today.

The Straits Times Index (STI) ended 0.98 points or 0.03% lower to 2958.86 on Thursday, taking the year-to-date performance to +2.64%.

According to OCBC Investment Research, this came as U.S. stocks closed at record levels after the European Central Bank held its key rates steady but said it would taper its asset-purchase plan in April, while leaving the door open for an extension of its economic stimulus program if necessary.

"Eight out of eleven S&P 500 industries ended higher, led by Financials (0.92%) and Materials (0.69%) while Industrials (-0.50%) led the losses," OCBC said.

This continued rally is likely to keep local markets fairly buoyant.

Here's more from OCBC:

Gold for Feb delivery lost US$5.10, or 0.43%, to close at US$1172.40/ounce while Mar Silver decreased by 18 cents, or 1.04%, to settle at US$17.10/ounce.

As before, we peg the initial hurdle at 2980, ahead of 3000. On the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume climbed 2.5% with 1.8b units traded, and the total value rose 21.3% to S$1.4; while average value/unit was up 18.3% to S$0.74.

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