Daily Markets Briefing: STI up 0.44%

Expect more gains today.

The Straits Times Index (STI) ended 13.43 points or 0.44% higher to 3079.96 on Thursday, taking the year-to-date performance to +6.84%.

The top active stocks today were DBS, which gained 0.11%, Singtel, which gained 1.04%, OCBC Bank, which closed unchanged, UOB, which gained 0.44% and Global Logistic, with a 0.73% advance.

This came as U.S. stocks finished higher Thursday with the major indexes all notching the latest in a series of record closes, with energy and financial stocks leading the way, according to OCBC Investment Research.

Meanwhile, nine out of eleven S&P 500 industries ended higher, led by Financials (1.37%) while Utilities (-0.84%) and Materials (-0.03%) lost ground.

"The gains on Wall Street overnight could lift local sentiment, potentially extending the 0.4% gains yesterday," OCBC said.

Here's more from OCBC:

The STI managed to take out its 3075 resistance yesterday, but it remains crucial to see if the index can convincingly sustain itself above this level.

We peg the immediate resistance at 3100, ahead of 3140; on the downside, we keep the immediate support at 3040, followed by 3000.

Overall volume tumbled further 11.0%, dropping to 3.1b units, while total value gained 19.3% to S$1.4b, and average value/unit rose 34.0% to S$0.44.