Daily Markets Briefing: STI up 1.07%

But don't expect much boost today.

The Straits Times Index (STI) ended 32.07 points or 1.07% higher to 3025.07 on Friday, taking the year-to-date performance to +4.94%.

The top active stocks today were DBS, which gained 1.05%, Singtel, which gained 1.06%, Global Logistic, which gained 1.53%, OCBC Bank, which gained 1.41% and UOB, with a 0.77% advance.

This came as U.S. stocks rose moderately on the back of quarterly earnings from some of the country’s biggest banks, as the Nasdaq closed at a record, OCBC Investment Reseach said.

Meanwhile, five out of eleven S&P 500 industries ended higher, with Financials (0.55%) leading the gains while Real Estate (-0.24%) led the declines. The index was down 0.10% for the week.

"The mixed showing on Wall Street Friday is unlikely to provide much of a boost to the local bourse today, especially after STI’s strong 1.1% gains in the previous session," OCBC said.

Here's more from the firm:

We note that the daily RSI is back to its overbought region, hovering around 73% while MACD continues to turn up.

We expect the market to be range bound between 3000 and 3040 for now, and peg the next resistance and support level at 3065 and 2070 respectively.

Overall volume shrank 2.1% with 1.7b units traded, and total value dipped 9.9% to S$1.1b, average value/unit fell 8.0% to S$0.64.