Daily Markets Briefing: STI up 1.81%

Trade concerns could weigh on the local bourse today.

The Straits Times Index ended 55.54 or 1.81% higher at 3,116.39.

The top active stocks were DBS, which rose 0.71%, OCBC, which advanced 0.32%, Genting Sing, which inched up 0.06%, UOB, which grew 0.56%, and Singtel, which closed unchanged.

The FTSE Mid Cap Index grew 6.68% whilst the FTSE Small Cap Index advanced 3.94%.

According to OCBC Investment Research, stocks finished lower, snapping a three-day winning streak, amidst confusion over prospects for a near-term resolution to the protracted US-China trade spat.

Nine out of eleven S&P 500 industries ended lower, led by Information Technology (-1.89%) and Real Estate (-0.93%) whilst Consumer Discretionary (0.41%) and Financials (0.01%) gained. The S&P 500 index posted 6.94% monthly losses.

"The retreat on Wall Street Friday amidst trade concerns is likely to weigh on local sentiment today," OCBC Investment Research said.

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