Daily Markets Briefing: STI up 0.28%

Expect more gains today.

The Straits Times Index (STI) ended 8.28 points or 0.28% higher to 2957.4 on Wednesday, taking the year-to-date performance to +2.59%.

According OCBC Investment Research this came as U.S. stocks closed higher Wednesday with the Dow industrials and S&P 500 notching new records, shaking off early weakness in the health-care sector to extend gains.

"Ten out of eleven S&P 500 industries ended higher, led by Telecommunication Services (2.36%) and Real Estate (2.21 %) while Health Care (-0.81%) lost ground," OCBC said.

These gains on Wall Street overnight could continue to extend gains in the local buorse today.

Here's more from OCBC:

Further gains on Wall Street overnight could continue to bring cheer to the local bourse today, potentially extending the 0.4% gains yesterday.

We peg the initial hurdle at 2980, should the index breach above this level, our next resistance is pegged at 3000. On the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume climbed 2.7% with 1.8b units traded, and the total value rose 0.2% to S$1.1; while average value/unit fell 2.4% to S$0.63.

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