Daily Markets Briefing: STI up 0.95%

Expect some bad news today.

The Straits Times Index (STI) ended 32.13 points or 0.95% higher to 3415.9, taking the year-to-date performance to +0.38%.

The top active stocks were DBS, which gained 5.32%, Singtel, which declined 1.16%, OCBC Bank, which gained 0.99%, UOB, which gained 1.14% and CapitaLand, with a 1.71% advance.

The FTSE ST Mid Cap Index declined 0.42%, whilst the FTSE ST Small Cap Index declined 0.11%.

OCBC Investment Research noted that the S&P 500 and the Dow extended their decline to close in correction territory Thursday after stocks went into a free fall late in the session on concerns about mounting volatility and worries about inflation and rising bond yields.

All eleven S&P 500 industries finished lower, led by Financials, which fell 4.51%, and Information Technology, which fell 4.22%.

"The tumble on Wall Street overnight is likely to weigh heavily on the local sentiment this morning, pushing the STI south today," OCBC said.

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