Daily Markets Briefing: STI up 0.48%

Expect some gains today.

The Straits Times Index (STI) ended 16.42 points or 0.48% higher to 3466.38, taking the year-to-date performance to +1.86%. 

The top active stocks were OCBC Bank, which gained 0.39%, DBS, which gained 0.68%, UOB, which gained 0.98%, Singtel, which declined 0.59% and Venture, with a 2.10% advance.

The FTSE ST Mid Cap Index gained 0.48%, whilst the FTSE ST Small Cap Index rose 0.32%.

OCBC Investment Research noted that the Dow Jones Industrial Average gained more than 400 points Tuesday as US stocks surged thanks to a less-aggressive stance on trade taken by Chinese President Xi Jinping.

Nine out of 11 S&P 500 industries ended higher, led by Energy (3.32%) and Information Technology (2.48%), whilst Utilities (-0.72%) and Real Estate (-0.71%) bucked the trend.

"The strength on Wall Street overnight after Chinese President Xi’s conciliatory comments on tariffs is likely to provide a modest boost to the local bourse today," OCBC said.