Daily Markets Briefing: STI up 0.44%

Markets to remain cautious ahead of the US elections.

The Straits Times Index (STI) ended 12.15 points or 0.44% higher to 2800.95 on Monday, taking the year-to-date performance to -2.84%.

According to OCBC Investment Research, this came as U.S. stocks had their best day since March on a percentage basis after the Federal Bureau of Investigation said its review of a new batch of Democratic presidential nominee Hillary Clinton's emails would not lead to charges.

Markets to remain cautious ahead of the US elections.

The Straits Times Index (STI) ended 12.15 points or 0.44% higher to 2800.95 on Monday, taking the year-to-date performance to -2.84%.

All eleven S&P 500 industries ended higher, led by Financials (2.60%) and Industrials (2.48%).

"The rally on Wall Street overnight could lend some support to the local bourse this morning, but local sentiment is likely to stay cautious ahead of the US election today," the brokerage firm noted.

Here's more from OCBC:

Gold for Dec delivery fell US$25.10, or 1.92%, to close at US$1279.40/ounce while Dec Silver was down 22 cents, or 1.20%, to settle at US$18.15/ounce.

We peg the initial hurdle at 2835, ahead of 2850; on the downside, we peg the immediate support at 2785, ahead of 2750.

Overall volume shrank 4.2% with 1.8b units traded, and the total value jumped 3.3% to S$1.1b; while average value/unit climbed by 7.8% to S$0.62.

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