Daily Markets Briefing: STI down 0.07%

But expect some profits today.

The Straits Times Index (STI) ended 2.14 points or 0.07% lower to 3041.94 on Friday, taking the year-to-date performance to +5.52%.

The top active stocks today were DBS, which declined 0.64%, UOB, which declined 1.21%, OCBC Bank, which declined 0.32%, Singtel, which declined 0.52% and Global Logistic, with a 1.16% advance.

According to OCBC Investment Research, this came as US stocks closed near session highs, with the Dow industrials reclaiming a close above 20,000 and the Nasdaq reached a record. Steps by President Donald Trump to roll back bank regulations and a stronger-than-expected January jobs report contributed to the upbeat sentiment.

Meanwhile, ten out of eleven S&P 500 industries ended higher, led by Financials (1.99%) and Energy (0.86%) while Consumer Discretionary (-0.11%) bucked the trend. The index was up 1.79% for the month.

"The rally on Wall Street last Friday could provide some support to the local bourse today," OCBC said.

Here's more from the firm:

Technically, the daily MACD looks to poise for a bearish crossover, and the daily RSI continues to trend down, hovering around 62% now.

We peg the initial hurdle at 3075, ahead of 3100; on the flip side, we peg the immediate support at 3025, ahead of its subsequent support at 3000.

Overall volume rose 8.9% with 2.8b units traded, and total value climbed 1.0% to S$1.1b, while average value/unit fell 7.3% to S$0.40.