Daily Markets Briefing: STI down 0.14%

The Straits Times Index (STI) ended 4.73 points or 0.14% lower at 3,204.71, taking the year-to-date performance to -4.73%.

The FTSE ST Mid Cap Index gained 0.14%, whilst the FTSE ST Small Cap Index advanced 0.14%.

According to OCBC Investment Research, US stocks closed higher for a third session as a pair of billion-dollar deals reaffirmed confidence that the US economy continues its steady expansion. Moreover, optimism that progress would be made toward resolving contentious trade disputes between the US and China also bolstered sentiment.

Eight out of eleven S&P 500 industries ended higher. The best performers were Materials (0.71%) and Energy (0.66%) whilst Utilities (-0.35%) and Information Technology (-0.15%) were the worst performers.

“Whilst US stocks gained overnight, investors could remain cautious as they await the clues on development of the trade talk,” OCBC Investment Research said.

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