Daily Markets Briefing: STI up 0.03%

Expect some good news today.

The Straits Times Index (STI) ended 1.01 points or 0.03% higher to 3498.2, taking the year-to-date performance to +2.80%.

The top active stocks were DBS, which gained 0.63%, OCBC Bank, which gained 0.92%, Singtel, which gained 0.30%, Ezion, which declined 1.52% and Genting Singapore, with a 1.71% advance.

The FTSE ST Mid Cap Index declined 0.33%, whilst the FTSE ST Small Cap Index declined 0.15%.

According to OCBC Investment Research, US stocks rallied on Tuesday, with major indexes closing at the highest levels in about a month as the latest round of corporate earnings supported the thesis that valuations are supported by economic activity.

Ten out of 11 S&P 500 industries ended higher, led by Information Technology (2.01%) and Consumer Discretionary (1.87%). Financials (-0.07%) bucked the trend.

"Continued gains on Wall Street overnight could keep local sentiment fairly upbeat today as US earnings buoy sentiment," OCBC said.

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