Daily Markets Briefing: STI up 0.66%

Expect and extended winning streak today.

The Straits Times Index (STI) ended 20.43 points or 0.66% higher to 3100.39, taking the year-to-date performance to +7.55%.

The top active stocks today were Singtel, which gained 0.77%, Global Logistic, which declined 0.72%, DBS, which gained 0.80%, UOB, which gained 0.58% and Noble, with a 3.80% advance.

This came as U.S. stock-market indexes registered fresh records Friday and posted a third straight weekly gain, as investors focused on President Donald Trump’s pledge to move quickly on changes to the tax code—which has the potential to deliver a jolt to corporate earnings, according to OCBC Investment Research.

Meanwhile, ten out of eleven S&P 500 industries ended higher, led by Materials (0.91%) and Industrials (0.75%) while Consumer Staples (-0.06%) bucked the trend. The index was up 0.81% for the week.

"The continued gains on Wall Street Friday could keep local sentiment fairly buoyant today, potentially extending STI’s two-days winning streak," OCBC noted.

Here's more from OCBC:

We peg the initial hurdle at 3125, ahead of 3165; on the downside, we peg the immediate support at 3070, ahead of 3040.

Overall volume climbed 3.8% with 3.3b units traded, and total value jumped 21.6% to S$1.7b, while average value/unit added 17.2% to S$0.52.