Daily Markets Briefing: STI up 1.97%

Markets are still jittery over a looming trade war after the US imposed additional tariffs on China.

The Straits Times Index (STI) ended 65.95 points or 1.97% higher to 3405.65, taking the year-to-date performance to +0.08%.

The top active stocks were DBS, which gained 3.06%, UOB, which gained 2.63%, OCBC Bank, which gained 2.20%, Singtel, which gained 1.50% and Genting Sing, with a 4.85% advance.

The FTSE ST Mid Cap Index gained 1.15%, whilst the FTSE ST Small Cap Index rose 1.19%.

OCBC Investment Research noted that US stocks closed higher on Thursday, with major indexes posting their first three-day rally in several weeks as investors dialled back fears that a trade spat between the U.S. and China will turn into a full-blown trade war.

Ten of 11 S&P 500 industries ended higher, with Materials (1.87%) and Energy (1.81%) leading the gains. Health Care (-0.06%) was the only industry that posted a decline.

"Trump’s latest statement on requesting an additional US$100b of tariffs on Chinese goods is likely to dampen the local sentiment despite the positive performances on Wall Street overnight," OCBC said.

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