Daily Markets Briefing: STI up 0.97%

Local sentiment likely to be fairly cautious.

According to SGX, the Straits Times Index (STI) ended 27.7 points or 0.97% higher to 2885.71, taking the year-to-date performance to +0.10%.

OCBC says the pullback on Wall Street overnight is likely to keep local sentiment fairly cautious, and spark a similar correction in the local bourse today.

"The STI broke its 2880 resistance level in the previous session but the ability of the index to sustain itself convincingly above this key 2880 level is crucial. Failing which could send the index easing back towards 2845. Overall volume rose 16.8% with 1.8b units traded, and the total value jumped 25.2% to S$0.9b; while average value/unit was up 7.2% to S$0.50," adds OCBC.