Daily Markets Briefing: STI down 0.69%

The Straits Times Index (STI) ended 22.19 points or 0.69% lower at 3211.93, taking the year-to-date performance to -5.61%.

The top active stocks were OCBC Bank, which fell 1.41%, DBS, which declined 0.52%, Singtel, which gained 0.65%, UOB, which dipped 1.37% and YZJ Shipbldg SGD, with a 3.85% advance.

The FTSE ST Mid Cap Index slipped 0.30%, whilst the FTSE ST Small Cap Index declined 0.24%.

According to OCBC Investment Research, US stocks rallied to close higher, with the Dow having its best day in four months, on strong corporate earnings from Walmart Inc. and Cisco Systems Inc. News that the US and China are prepared to resume trade talks next week also bolstered investors’ sentiment.

All eleven S&P 500 industries ended higher, led by Telecommunications (2.01%) and Consumer Staples (1.52%) whilst Information Technology (0.25%) and Consumer Discretionary (0.45%) were the laggards.

“The recovery on Wall Street overnight from Wednesday’s session could provide a reprieve in the local sentiment,” OCBC Investment Research noted.

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