Daily Markets Briefing: STI down 0.55%

Expect some gains today.

The Straits Times Index (STI) ended 18.84 points or 0.55% lower to 3416.94, taking the year-to-date performance to +18.61%.

The top active stocks were DBS, which declined 1.60%, Singtel, which declined 0.53%, UOB, which declined 1.36%, OCBC Bank, which declined 0.08% and NetLink NBN Trust, with a 0.61% advance.

The FTSE ST Mid Cap Index gained 0.03%, whilst the FTSE ST Small Cap Index rose 0.18%.

All three main U.S. stock-market benchmarks closed at records on Friday and booked weekly gains, as investor expectations grew for passage of Republican-backed tax-cut legislation.

Ten out of 11 S&P 500 industries finished higher, led by Information Technology, which rose 1.24%, and Health Care, which rose 1.17%, whilst Energy, which dipped 0.03%, bucked the trend. The index advanced 0.92% for the week.

"The gains on Wall Street Friday could bring some cheer to the local bourse today," OCBC said.

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