Daily Markets Briefing: STI up 0.27%

Do not expect boosts today.

The Straits Times Index (STI) ended 9.07 points or 0.27% higher to 3349.8, taking the year-to-date performance to +16.28%.

The top active stocks were DBS, which gained 0.50%, Keppel Corp, which gained 1.51%, Singtel, which declined 0.53%, Global Logistic, which gained 0.30% and CityDev, with a 2.32% fall.

The FTSE ST Mid Cap Index gained 0.56%, whilst the FTSE ST Small Cap Index rose 0.57%.

According to OCBC Investment Research, the S&P500 and the Dow Jones’ six-day winning streak ended last night as the market weighed tax cuts prospects whilst parsing latest corporate earnings for indications on where stocks are headed in the near term.

Ten out of 11 S&P 500 industries finished lower, led by Telecommunication Services, which fell 0.96%, and Industrials, which fell 0.81%, whilst Utilities, which rose 0.05%, was the only winner.

"The overnight pullback on Wall Street is likely to weigh on the local bourse today," OCBC said.

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