Daily Markets Briefing: STI up 0.6%

Expect some gains today.

The Straits Times Index (STI) ended 19.61 points or 0.6% higher at 3285.34, taking the year-to-date performance to -3.45%.

The top active stocks were DBS, which gained 1.03%, UOB, which gained 2.03%, OCBC Bank, which gained 2.03%, Genting Singapore, which declined 8.13% and Venture, with a 10.39% advance.

The FTSE ST Mid Cap Index declined 0.01%, whilst the FTSE ST Small Cap Index declined 0.39%.

OCBC Investment Research noted that US stocks finished higher Monday, with the Nasdaq rising for a fifth straight day as investors focused on healthy corporate earnings, which have so far helped to buoy the market over recent sessions. Technology and consumer discretionary stocks led the gains, underpinning the market’s move higher.

Nine out of eleven S&P 500 industries ended higher, led by Consumer Discretionary (0.67%) and Information Technology (0.59%) whilst Real Estate (-0.24%) and Telecommunication Services (-0.09%) lost ground.

"The gains on Wall Street overnight could see the STI attempting to make another technical rebound today," OIR said.

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