
Daily Markets Briefing: STI down 0.19%
Expect some gains today.
The Straits Times Index (STI) ended 5.97 points or 0.19% lower to 3137.43 on Wednesday, taking the year-to-date performance to +8.91%.
The top active stocks were Wilmar Intl, which gained 1.69%; Keppel Corp, which gained 0.46%; Singtel, which closed unchanged; DBS, which declined 0.31%; and UOB, with a 0.14% fall.
According to OCBC Investment Research, this came as US stocks closed higher, rallying after the Federal Reserve hiked interest rates and confirmed expectation of two more rate hikes this year.
Meanwhile, ten out of eleven S&P 500 industries ended higher, led by Energy (2.08%) and Real Estate (1.91%) whilst Financials (-0.13%) bucked the trend.
Here are the implications on Singapore:
The gains on Wall Street overnight could lift local sentiment today.
We continue to peg the initial hurdle at 3150, ahead of 3180; on the downside, we keep the immediate support at 3100, followed by the next support level at 3060.
Overall volume climbed 9.1%, with 2.3b units traded, and total value rose 1.1% to S$1.2b, whilst average value/unit fell 7.3% to S$0.52.