Daily Markets Briefing: STI up 0.03%

Expect muted gains today.

The Straits Times Index (STI) ended 0.86 points or 0.03% higher at 3240.5, taking the year-to-date performance to -4.77%.

The top active stocks were DBS, which declined 0.58%, UOB, which slipped 0.12%, OCBC Bank, which gained 0.27%, Venture, which dipped 0.82% and Singtel, with a 0.92% fall.

The FTSE ST Mid Cap Index declined 0.11%, whilst the FTSE ST Small Cap Index rose 0.23%.

OCBC Investment Research noted that US stocks finished mostly higher as an anecdotal account of business conditions in the Federal Reserve’s 12 districts painted an upbeat picture of the domestic economy.

Five out of eleven S&P 500 industries ended higher, led by Financials (1.53%) and Industrials (1.13%) whilst Consumer Staples (-0.65%) and Utilities (-0.50%) led the declines.

"The mixed performances on Wall Street overnight are unlikely to provide much in terms of cues to local bourse this morning," OCBC Investment Research said.

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