Daily Markets Briefing: STI up 0.08%

Prepare for some letdowns.

The Straits Times Index (STI) ended 2.66 points or 0.08% higher to 3423.91, taking the year-to-date performance to +18.85%.

The top active stocks were DBS, which gained 2.27%, Singtel, which declined 0.53%, CapitaLand, which declined 1.37%, OCBC Bank, which gained 0.68% and UOB, with a 0.67% advance.

The FTSE ST Mid Cap Index declined 0.02%, whilst the FTSE ST Small Cap Index declined 0.68%.

According to OCBC Investment Research, U.S. stocks closed lower Thursday in their worst session in two weeks with the Dow snapping a seven-day win streak on worries over a possible delay in the much-anticipated corporate tax cut. However, main indexes trimmed losses after the House Ways and Means Committee approved a bill to overhaul the tax code, setting up a vote by the full House.

Six out of 11 S&P 500 industries finished lower, with Industrials, which fell 1.28%, and Materials, which fell 0.87%, leading the declines whilst Energy, which rose by 0.29%, and Telecommunication Services, which rose by 0.27%, led the gains.

"The weakness on Wall Street overnight could weigh on local sentiment, potentially snapping STI’s 3-day win streak," OCBC said.

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