Daily Markets Briefing: STI up 0.7%

Today could bring more good news.

According to OCBC, the mild recovery on Wall Street last Friday could provide more inspiration to the local bourse this morning.

Here’s more from OCBC:

The US stock market closed higher on Friday after the main benchmarks picked up steam in late afternoon, trimming weekly losses.

Meanwhile, the STI further re-affirmed its 5-month uptrend support in the last session with a 0.7% rebound.

And with today’s tone likely to remain upside biased, we could see the index climbing towards the 3310 key peak next

Beyond that, the next hurdle is pegged at the 3360-3370 gap resistance. On the downside, 3260 (minor trough and uptrend support) is the immediate support, followed by the next base at the 3240 trough.

Eight industries of the S&P 500 closed up, led by Telecommunications (0.72%), while Oil & Gas (-0.79%) and Utilities (-0.64%) fell. The S&P 500 declined 0.90% for the week. 

Aug WTI Crude shed US$2.10, or 2.04, to end at US$100.83/barrel while Aug Brent lost US$2.01, or 1.85%, to settle at US$106.66/barrel. For the week, WTI and Brent retreated 3.10% and 3.60% respectively.

Gold for Aug delivery slipped US$1.80 or 0.13%, to close at US$1337.40/ounce while Sep Silver ceded 5 cents, or 0.22%, to finish at US$21.46/ounce. For the week, gold and silver gained 1.27% and 1.53% each.