Daily Markets Briefing: STI up 1.04%

Expect muted gains today.

The Straits Times Index (STI) ended 34.18 points or 1.04% higher at 3326.83, taking the year-to-date performance to -2.24%.

The top active stocks were DBS, which gained 1.19%, OCBC Bank, which rose 3.19%, UOB, which advanced 2.67%, Singtel, which is up 0.30% and Genting Sing, with a 0.78% advance.

The FTSE ST Mid Cap Index gained 0.21%, whilst the FTSE ST Small Cap Index dipped 0.21%.

According to OCBC Investment Research, US stocks rallied to the close late in the session, with Wall Street equity benchmarks jumping to new heights following the announcement of a pact to ease trade tensions between the US and the European Union after an important meeting between President Donald Trump and the EU’s Jean-Claude Juncker in Washington.

Ten out of eleven S&P 500 industries ended higher, led by Information Technology (1.50%) and Industrials (1.33%) whilst Telecommunication Services (-2.88%) bucked the trend.

"The gains on Wall Street overnight after an upbeat meeting between the US and EU leaders could keep local sentiment buoyant today," OCBC Investment Research said.

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