Daily Markets Briefing: STI up 0.04%

Investors are urged to take caution today.

The Straits Times Index (STI) ended 1.35 points or 0.04% higher to 3615.28, taking the year-to-date performance to +6.24%.

The top active stocks were DBS, which declined 0.75%, Venture, which declined 7.30%, UOB, which declined 0.50%, OCBC Bank, which gained 1.16% and Singtel, with a 0.57% fall.

The FTSE ST Mid Cap Index gained 0.09%, whilst the FTSE ST Small Cap Index rose 0.21%.

OCBC Investment Research noted that US stocks relinquished modest gains to close lower Wednesday, as the Federal Reserve acknowledged rising prices and said it now expects inflation to “run near” its 2% target “over the medium term,” in its most recent policy statement. The central bank held key rates unchanged, as expected.

Ten out of 11 S&P 500 industries ended lower, led by Consumer Staples (-1.92%) and Telecommunication Services (-1.76%) whilst Energy (0.39%) was the sole gainer.

"The weakness on Wall Street overnight is likely to keep local sentiment cautious today as investors digested the Federal Reserve’s gradual rate hike signal," OCBC said.

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