Daily Markets Briefing: STI up 0.76%

Wall Street gains could push the local bourse even further today.

The Straits Times Index (STI) ended 24.75 or 0.76 higher at 3,267.40.

The FTSE ST Mid Cap Index rose 2.77% whilst the FTSE Small Cap Index inched up 1.13%.

The top active stocks were DBS which rose 0.32%, Keppel, which grew 0.26%, Singtel, which inched up 0.02%, ThaiBev, which grew 0.04%, and UOB, with a 0.16% advance.

OCBC Investment Research noted that the Dow Jones Industrial Average finished at a record for the 15th time this year as investors were cheered by healthy economic data. But the market pared earlier gains, with major indexes closing off intraday highs as bond yields jumped, which could dampen appetite for stocks.

Five out of eleven S&P 500 industries ended higher, led by Financials (0.82%) and Energy (0.78%) whilst Utilities (-1.23%) and Consumer Staples (-1.06%) led the declines.

“The gains on Wall Street overnight are likely to bring some cheer to the local bourse this morning,” OCBC Investment Research said.

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