Daily Markets Briefing: STI up 1.55%

STI may attempt to make a technical rebound today.

The Straits Times Index (STI) ended 53.31 points or 1.55% higher to 3491.92, taking the year-to-date performance to +2.62%.

The top active stocks were DBS, which gained 1.96%, OCBC Bank, which gained 2.37%, UOB, which gained 2.28%, Genting Sing, which gained 0.89% and Singtel, with a 0.91% advance.

The FTSE ST Mid Cap Index gained 0.49%, whilst the FTSE ST Small Cap Index rose 0.55%.

OCBC Investment Research noted that US stocks closed moderately higher Tuesday after a session marked by swings in and out of negative territory as investors debated the potential impact of a trade war in the wake of President Donald Trump announcing a pair of tariffs, a strategy that has faced opposition from key Republicans such as House Speaker Paul Ryan.

Nine out of 11 S&P 500 industries ended higher, with Materials (1.08%) and Consumer Discretionary (0.72%) leading the gains whilst Health Care (-0.12%) and Utilities (-1.36%) lost ground.

"The modest rebound on Wall Street overnight could see the STI attempting to make another technical rebound today to test the 3500 immediate resistance," OCBC said.

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