Daily Markets Briefing: STI up 0.48%

Brace for a pullback today.

The Straits Times Index (STI) ended 14.4 points or 0.48% higher to 3025.48 on Monday, taking the year-to-date performance to +4.95%.

The top active stocks today were Singtel, which gained 0.26%, DBS, which gained 0.38%, Global Logistic, which declined 0.38%, UOB, which gained 1.11% and OCBC Bank, with a 0.65% advance.

OCBC Investment Research said this came as U.S. stocks closed down Monday, but off session lows of the day as investors wrestled with uncertainty over the policies of President Donald Trump and as a batch of corporate quarterly results came out mixed.

Six out of eleven S&P 500 industries ended lower. The best performer was Real Estate (0.59%) and worst performer was Energy (-1.12%).

"The weakness on Wall Street overnight is likely to weigh on local sentiment and spark a similar correction in the local bourse today," the brokerage firm said.

Here's more from OCBC:

As before, we peg the initial hurdle at 3040, ahead of its subsequent base at 3065. On the downside, we peg the immediate support at 2980, ahead of 2940.

Overall volume shrank 11.2% with 2.1b units traded, while total value gained 5.8% to S$0.9b, and average value/unit rose 19.2% to S$0.45.