Daily Markets Briefing: STI up 0.69%

Expect more gains today.

The Straits Times Index (STI) ended 19.29 points or 0.69% higher to 2820.24 on Tuesday, taking the year-to-date performance to -2.17%.

This came as US stocks came off session highs but ended with gains as Americans cast their votes in a historic presidential election, OCBC Investment Research said.

Only one of eleven S&P 500 industries ended lower, as Energy dip 0.02%. Utilities and Telco Services led the gains.

This continued strength could keep local sentiment modestly upbeat this morning, the brokerage firm stated.

Here's more from OCBC:

Gold for Dec delivery fell US$4.90, or 0.38%, to close at US$1274.50/ounce while Dec Silver gained 21 cents, or 1.13%, to settle at US$18.36/ounce.

With today's tone set to remain cautious ahead of the US election results, 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 surged 15.2% with 2.1b units traded, and the total value was up 1.0% to S$1.2b; while average value/unit fell 12.3% to S$0.55.

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