Daily Markets Briefing: STI down 0.2%

Expect muted gains.

The Straits Times Index (STI) ended 7.18 points or 0.2% lower to 3533.05, taking the year-to-date performance to +3.82%.

The top active stocks were DBS, which gained 0.14%, OCBC Bank, which gained 1.00%, Genting Sing, which declined 0.76%, Singtel, which declined 0.29% and Venture, with a 4.33% fall.

The FTSE ST Mid Cap Index declined 0.72%, whilst the FTSE ST Small Cap Index declined 0.42%.

According to OCBC Investment Research, U.S. stocks rose Wednesday, with major indexes advancing in a broad rally as investors appeared to shake off fears of rising bond yields, helping equities resume a recent uptrend.

Nine out of eleven S&P 500 industries ended higher, led by Materials (1.15%) and Consumer Discretionary (0.85%). Utilities (-0.87%) and Real Estate (-0.44%) lost ground.

“Strong set of U.S. economic data and overnight gains registered by U.S. indices could boost local sentiment today,” OCBC added.

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