Daily Markets Briefing: STI up 0.62%

But expect limited gains today.

The Straits Times Index (STI) ended 17.49 points or 0.62% higher to 2839.69 on Wednesday, taking the year-to-date performance to -1.49%.

According to OCBC Investment Research, this came after Dow industrials and the S&P 500 notched a third straight record close, boosted in part by industrials, while the Nasdaq lagged behind in trading ahead of the Thanksgiving Day holiday.

Seven out of eleven S&P 500 industries ended higher, with Industrials (0.79%) and Telecommunication Services (0.78%) leading the gains while Utilities (-0.91%) led the declines.

This mixed showing ould spark a sense of caution to the local bourse, limiting further gains today.

Here's more from OCBC:

Gold for Feb delivery shed US$21.70, or 1.79%, to close at US$1192.40/ounce while Mar Silver decreased by 25 cents, or 1.49%, to settle at US$16.49/ounce.

As before, we peg the initial hurdle at 2850, ahead of 2860; on the downside, we peg the immediate support at 2800, ahead of 2770.

Overall volume dwindled 35.2% with 1.6b units traded, and the total value fell 20.8% to S$1.2; while average value/unit jumped 22.2% to S$0.77.