Daily Markets Briefing: STI up 1.17%

The Straits Times Index (STI) ended 37.25 or 1.17% higher at 3,217.68

The FTSE ST Mid Cap Index rose 2.70% whilst the FTSE Small Cap Index fell 5.26%.

The top active stocks were DBS, which inched up 0.81%, OCBC Bank, which rose 0.19%, Singtel, which advanced 0.10%, UOB, which grew 0.36%, and Keppel, with a 0.23% advance.

OCBC Investment Research noted that the Dow Jones Industrial Average notched a second straight all-time high, but a slump in mega-cap technology and Internet-related stocks weighed on the broader market, pressuring the Nasdaq.

Six out of eleven sectors in the S&P 500 indices closed higher, led by Telecommunication Services (0.98%) and Energy (0.72%) whilst Financials (-0.37%) and Information Technology (-0.36%) led the losses.

“The modest performance on Wall Street overnight could continue to provide a reprieve in the local markets but investors will be on the lookout for more positive signals before further adding in this rally,” OCBC Investment Research said.

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