Daily Markets Briefing: STI down 0.08%

But expect some cheers in the local bourse today.

The Straits Times Index (STI) ended 2.4 points or 0.08% lower to 3171.36 on Thursday, taking the year-to-date performance to +10.09%.

The top active stocks were CapitaLand, which gained 1.08%; UOB, which declined 1.11%; DBS, which declined 0.52%; Singtel, which gained 0.27%; and Global Logistic, with a 0.69% advance.

According to OCBC Investment Research, this came as moderate gains in technology shares pushed the Nasdaq Composite to close at a record high ahead of earnings releases from companies such as Alphabet, Microsoft and Amazon.com.

Meanwhile, five out of eleven S&P 500 industries ended higher, led by Information Technology (0.60%) while Telecommunication Services (-1.30%) led the declines.

Here’s more from OCBC Investment Research:

The mild recovery on Wall Street overnight could bring some cheers to the local sentiment this morning.

Technically, the MACD is on the verge of a bullish crossover and RSI has been trending higher, but was down slightly yesterday, hovering around 56% now, suggesting that the upside momentum could be building up.

We keep the initial hurdle at 3180, ahead of 3200; on the downside, we peg the immediate support at 3140, followed by the next support at 3100.

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