Daily Markets Briefing: STI down 0.31%
Expect limited gains today.
The Straits Times Index (STI) ended 9.21 points or 0.31% lower to 2919.37 on Friday, taking the year-to-date performance to +1.27%.
According to OCBC, this came as U.S. stocks struggled for direction with the Dow industrials finishing lower, while the S&P 500 and the Nasdaq closing slightly higher as investors digested a weaker-than-expected payroll report, favoring sectors viewed as safe in economically uncertain times.
Seven out of eleven S&P 500 industries ended higher, led by Real Estate (1.15%) while Financials (-0.94%) led the declines. The index rallied 3.42% for the month.
This mixed showing, the brokerage firm argues, would unlikely provide any boost to the local bourse today.
Here's more from OCBC:
Gold for Feb delivery rose US$8.40, or 0.72%, to close at US$1177.80/ounce while Mar Silver increased by 13 cents, or 0.79%, to settle at US$16.97/ounce. For the month, Gold and Silver fell 8.07% and 7.99% each.
We peg the initial hurdle at 2955, ahead of 2970; on the downside, we peg the immediate support at 2900, ahead of its next support level at 2880.
Overall volume dwindled 24.4% with 1.7b units traded, and the total value fell 25.3% to S$1.2; while average value/unit dipped 1.2% to S$0.70.
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