Daily Markets Briefing: STI up 0.47%
Expect muted gains today.
The Straits Times Index (STI) ended 14.74 or 0.47% higher at 3,124.65.
The FTSE ST Mid Cap Index inched up 0.66%, whilst the FTSE ST Small Cap Index rose 0.47%.
The top active stocks are Singtel, which rose 0.32%%, DBS, which gained 0.70%, OCBC, which is up 0.36%, Sembcorp, which rose 0.34%, and UOB, with a 0.89%.
According to OCBC Investment Research, US stocks closed mostly higher, with the S&P 500 and the Dow bouncing back from lows. However, the Nasdaq’s effort to build on its recent gains hit a wall as shares of chip makers sunk and the unveiling of Apple’s new product lineup did not result in a share pop for the world’s most valued company.
Eight out of eleven sectors in the S&P 500 indices closed higher, led by Telecommunication Services (1.42%) and Consumer Staples (1.26%) whilst Financials (-0.89%) and Information Technology (-0.51%) led the losses.
"The continued positive performance from Wall Street overnight could continue to bring some relief the local markets but investors would be wary as President Trump’s proposes for a new round of trade talks with China," OCBC Investment Research said.