Daily Markets Briefing: STI up 0.37%

Wall Street reclaimed lost grounds, potentially providing the local bourse some boost today.

The Straits Times Index (STI) ended 11.6 points or 0.37% higher to 3137.88, taking the year-to-date performance to +8.93%.

The top active stocks yesterday were Singtel, which declined 0.53%, DBS, which gained 0.64%, Keppel Corp, which declined 1.36%, Noble, which declined 6.75% and CityDev, with a 0.69% fall. The FTSE ST Mid Cap Index declined 0.13%, while the FTSE ST Small Cap Index declined 0.33%.

According to OCBC, Wall Street reclaimed lost grounds for the 1st time in 3 days as financial and industrial shares rose last night. This could provide some boost to the local bourse today.

" We expect investors to remain cautious amid intensifying geopolitical jitters and keep the initial hurdle at 3200. Above it, we peg the next resistance at 3250; on the downside, we peg the immediate support at 3150, ahead of 3100. Overall volume declined 7.6% with 2.5b units traded, and total value dipped 7.0% to S$1.1b, with average value/unit hiked to 2.2% to S$0.46," said OCBC.

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