Daily Markets Briefing: STI up 1.23%

Investors are urged to take caution today.

The Straits Times Index (STI) ended 41.08 points or 1.23% higher to 3382.38, taking the year-to-date performance to +17.41%.

The top active stocks were DBS, which gained 3.39%, Singtel, which gained 0.55%, Genting Sing, which gained 3.03%, OCBC Bank, which gained 1.75% and SIA, with a 0.19% fall.

The FTSE ST Mid Cap Index gained 0.72%, whilst the FTSE ST Small Cap Index rose 0.10%.

According to OCBC Investment Research, US stocks finished lower on Friday, with the S&P 500 and the Dow logging a second straight week of losses as investors tracked the progress of the Republican tax cut plan wending its way through the legislative grind.

Seven out of 11 S&P 500 industries finished lower, led by Utilities, which fell 0.74%, and Information Technology, which fell 0.67%, whilst Telecommunication Services, which rose 0.65%, led the gains. The index was down 0.13% for the week.

"The pullback on Wall Street Friday is likely to weigh on local sentiment this morning," OCBC said.

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