Daily Markets Briefing: STI up 0.05%

Pullback on Wall Street could hurt the local bourse today.

OCBC said that U.S. stocks closed lower on Monday, as manufacturing data came in better than expected but concerns remain over Deutsche Bank and U.K. Prime Minister Teresa May’s plans on Brexit.

Nine out of 11 S&P 500 industries ended lower, with Real Estate (-1.81%) leading the declines while Telecommunication Services (0.10%) led the gains.

Here's more from OCBC:

Nov WTI Crude added 57 cents, or 1.18%, to close at US$48.81/barrel while Dec Brent was up 70 cents, or 1.39%, to end at US$50.89/barrel.

Gold for Dec delivery was down US$4.40, or 0.33%, to close at US$1312.70/ounce while Dec Silver lost 35 cents, or 1.80%, to settle at US$18.87/ounce.

The pullback on Wall Street overnight could weigh on the local bourse and seeing the index drifting sideways today. We peg the immediate support at 2900, ahead of 3000; on the upside, we continue to peg the initial hurdle at 2845, ahead of 2825.

Overall volume dropped 28% with 1.3b units traded, and the total value dropped 43% to S$0.6b; while average value/unit was down 22% to S$0.45.

Also Read

COTD: APAC deal volume falls 6.8% amidst economic uncertainties and tensions

Securitisation seen as key for Singapore developers to enhance returns

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit