Daily Markets Briefing: STI down 0.79%

But expect some gains today.

The Straits Times Index (STI) ended 23.29 points or 0.79% lower to 2930.77, taking the year-to-date performance to +1.67%.

According to OCBC Investment Research, this came as U.S. stocks closed higher Thursday, but off their intraday highs, as investors adjusted to the Federal Reserve’s plan for a faster path of interest-rate increases in 2017.

Meanwhile, nine out of eleven S&P 500 industries ended higher, led by Financials (1.02%) while Real Estate (-0.71%) and Consumer Discretionary (-0.25%) lost ground.

"The rebound on Wall Street overnight could provide some cheer to the local bourse today," OCBC said.

Here's more from OCBC:

Gold for Feb delivery fell US$33.90, or 2.91%, to close at US$1129.80/ounce while Mar Silver decreased by US$1.26, or 7.33%, to settle at US$15.96/ounce.

We peg the initial hurdle at 2955, ahead of 2990; on the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume climbed 6.9% with 2.1b units traded, and the total value was up 16.1% to S$1.1b; while average value/unit rose 8.6% to S$0.53.

Also Read

Daily Markets Briefing: STI down 0.7%; Top stock is DBS

Daily Markets Briefing: STI up 0.41%; Top stock is ST Engineering

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit