Daily Markets Briefing: STI up 0.03%

Expect muted gains today.

The Straits Times Index (STI) ended 1.16 or 0.03% higher at 3,331.98.

The top active stocks were DBS, which grew 0.19%, UOB, which increased 0.57%, Genting Sing, which remained unchanged, OCBC Bank, which rose 0.09%, and Singtel, which dipped 0.32%.

According to OCBC Investment Research (OIR), US stocks closed higher after a series of strong bank earnings led by JPMorgan boosted confidence in the U.S. economy whilst the Dow Jones Industrial Average rose nearly 270 points.

Ten out of eleven S&P 500 industries ended higher, led by Financials (1.93%) and Materials (1.31%) whilst Health Care (-0.14%) was the only loss. The index advanced 0.51% for the week.

“We think there is room for improvement in sentiment given the relatively good performance in the US markets overnight,” OIR said.

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