Daily Markets Briefing: STI up 0.79%

Wall Street losses could keep investors wary today.

The Straits Times Index (STI) ended 26.89 points or 0.79% higher to 3439.35, taking the year-to-date performance to +1.07%.

The top active stocks were DBS, which gained 1.40%, UOB, which gained 0.77%, Singtel, which gained 0.89%, OCBC Bank, which gained 1.09% and Venture, with a 2.08% advance.

The FTSE ST Mid Cap Index gained 0.46%, whilst the FTSE ST Small Cap Index rose 0.71%.

According to OCBC Investment Research, US stocks ended sharply lower Tuesday, as a selloff in the technology sector fueled a rout that wiped out much of Monday’s sizable gains.

Seven S&P 500 industries ended lower, led by Information Technology (-3.47%) and Financials (-1.98%). Utilities (1.46%) and Telecommunications (0.52%) led the gains.

“The losses on Wall Street overnight from the US tech sector could continue to keep the local sentiment cautious today,” OCBC said.

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