Daily Markets Briefing: STI down 0.77%

But expect gains today.

The Straits Times Index (STI) ended 21.98 points or 0.77% lower to 2816.67 on Monday, taking the year-to-date performance to -2.29%.

According to OCBC Investment Research, this came as U.S. stocks closed higher at fresh records, aided by a jump in oil prices and a pullback in the dollar, giving the Dow industrials, S&P 500 and Nasdaq their third simultaneous all-time closing highs this year.

Nine out of eleven S&P 500 industries ended higher, with Energy (2.20%) and Materials (1.25%) leading the gains while Real Estate (-0.17%) bucked the trend.

These gains could keep local buorse sentiment fairly upbeat.

Here's more to OCBC:

Gold for Dec delivery rose US$1.10, or 0.09%, to close at US$1209.80/ounce while Mar Silver decreased by 10 cents, or 0.60%, to settle at US$16.62/ounce.

We believe that the STI is likely to remain largely range-bound for now. We expect the STI to hold around 2800 to 2850 in the near term, and probably even 2770 to 2860.

Overall volume jumped 9.5% with 1.8b units traded, and the total value was up 15.5% to S$1.3b; while average value/unit rose 5.6% to S$0.70.

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