Daily Markets Briefing: STI up 0.48%

Don't expect gains today.

The Straits Times Index ended 14.96 or 0.48% higher at 3,109.44.

The top active stocks were DBS, which advanced 0.31%, Singtel, which grew 0.01%, UOB, which rose 0.29%, OCBC, which gained 0.09%, and Genting Sing, with a 0.015% advance.

The FTSE Mid Cap rose 3.68% whilst the FTSE Small Cap gained 0.72%.

According to OCBC Investment Research (OIR), US stocks reversed direction to close lower Thursday as investors’ attention shifted to a weekend meeting between President Donald Trump and Chinese President Xi Jinping amidst some skepticism whether the two leaders can reach a consensus on trade.

Five out of eleven of the S&P 500 industries closed lower, led by Information Technology (-0.95%) and Financials (-0.82%) whilst Energy (0.59%) and Materials (0.55%) led the gains.

"With all eyes on the crucial meeting between the US and Chinese presidents this weekend, we expect the local bourse to trade cautiously today," OIR said.

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