Daily Markets Briefing: STI down 0.06%

Expect some gains today.

The Straits Times Index (STI) ended 2.12 points or 0.06% lower to 3414.82, taking the year-to-date performance to +18.54%.

The top active stocks were DBS, which gained 0.61%, Singtel, which declined 2.93%, UOB, which declined 0.12%, OCBC Bank, which gained 0.33% and Rowsley, with a 22.52% advance.

The FTSE ST Mid Cap Index gained 0.12%, whilst the FTSE ST Small Cap Index rose 0.20%.

According to OCBC Investment Research, US stocks closed higher on Monday, with major indexes ending at records on growing confidence congressional Republicans will succeed in passing tax-cut legislation as early as this week.

Eight out of eleven S&P 500 industries finished higher, led by Materials, which grew 1.48%, and Telecommunication Services, which grew 0.96%, whilst Utilities, which fell 1.16%, led the declines.

"Continued gains on Wall Street overnight could lift local sentiment," OCBC said.