Daily Markets Briefing: STI down 0.36%

But gains on Wall Street could boost local bourse.

The Straits Times Index (STI) ended 11.33 points or 0.36% lower to 3173.24 on Thursday, taking the year-to-date performance to +10.15%.

The top active stocks yesterday were DBS, which gained 0.05%; CapitaLand, which declined 1.36%; Singtel, which closed unchanged; UOB, which gained 0.09%; and Hongkong Land USD, with a 0.26% fall.

According to a report from OCBC Investment Research, this came as the US stocks closed higher, with financial shares rallied following a positive reading of economic growth and the tech-heavy Nasdaq returned to finish in record territory after a month-long wait.

Meanwhile, eight out of eleven S&P 500 industries ended higher, with Financials (1.22%) leading the gains whilst Utilities (-0.68%) led the declines.

The report said these gains could lift local sentiment this morning.

Here's more from OCBC Investment Research:

As before, we peg the initial hurdle at 3200. Above 3270, the next resistance lies at 3270. On the downside, we keep the immediate support at 3150, followed by 3100.

Overall volume shrank 4.7% with 3.2b units traded, and total value slipped 19.7% to S$1.1b, whilst average value/unit lost 15.7% to S$0.35.