Daily Markets Briefing: STI down 0.20%

Wall Street's recovery could uplift the local bourse today.

The Straits Times Index (STI) ended 6.61 points or 0.2% lower at 3,242.87, taking the year-to-date performance to -2.47%.

The FTSE ST Mid Cap Index gained 1.41%, whilst the FTSE ST Small Cap Index advanced 0.94%.

OCBC Investment Research noted that US stocks bounced back to close higher, with the S&P 500 snapping its longest losing streak since March as the worst of the panic over Turkey’s currency crisis abated, allowing investors to focus on a healthy domestic economy and strong corporate results.

All eleven S&P 500 industries ended higher, led by Consumer Discretionary (0.95%) and Financials (0.86%).

“The recovery on Wall Street overnight could provide a lift to the local sentiment today,” OCBC Investment Research commented.

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