Daily Markets Briefing: STI up 1.58%

Expect some gains today.

The Straits Times Index (STI) ended 44.21 points or 1.58% higher to 2834.09 on Thursday, taking the year-to-date performance to -1.69%.

According to OCBC Investment Research, the Dow Jones Industrial Average rallied to a record close as investors continued to revise their strategies and reposition portfolios in response to Donald Trump’s unexpected presidential election victory.

Six S&P 500 industries ended higher, led by Financials (3.70%) and Industrials (2.02%) while Consumer Staples (-2.79%) and Utilities (-2.47%) led the losses. 

The brokerage firm said this continued strength on Wall Street overnight could provide a modest boost to the local bourse today.

Here's more from OCBC: 

Dec WTI Crude fell 61 cents, or 1.35%, to close at US$44.66/barrel while Jan Brent lost 52 cents, or 1.12%, to end at US$45.84/barrel.

Gold for Dec delivery fell US$7.10, or 0.056%, to close at US$1266.40/ounce while Dec Silver gained 36 cents, or 1.95%, to settle at US$18.74/ounce.

Overall volume shrank 7.3% with 2.5b units traded, and the total value tumbled 13.9% to S$1.6b; while average value/unit was down 7.1% to S$0.63.