Daily Markets Briefing: STI down 0.35%

Don't expect much boost today.

The Straits Times Index (STI) ended 10.96 points or 0.35% lower to 3096.69, taking the year-to-date performance to +7.50%.

The top active stocks today were Singtel, which declined 0.75%, OCBC Bank, which declined 0.42%, CapitaLand, which gained 1.16%, DBS, which declined 0.54% and ComfortDelGro, with a 0.83% advance.

According to OCBC Investment Research, this came as the US market was closed for Washington’s Birthday and European stocks scored modest gains, helped by jumps for Royal Bank of Scotland, Rolls-Royce and furniture seller Steinhoff International.

"With Wall Street shut overnight, the local bourse could get off to a muted start this morning," OCBC said.

Here's more from OCBC:

We peg the initial resistance at 3100, ahead of 3165; on the downside, we peg the initial support at 3080, followed by the subsequent support level at 3060.

Overall volume tumbled 30.4% with 2.6b units traded, and total value dipped 27.8% to S$1.0b, while average value/unit added 3.8% to S$0.39.