Daily Markets Briefing: STI up 0.11%

Expect muted gains today.

The Straits Times Index (STI) ended 3.71 points or 0.11% higher to 3536.76, taking the year-to-date performance to +3.93%.

The top active stocks were DBS, which declined 0.24%, OCBC Bank, which gained 0.08%, Singtel, which gained 0.59%, Venture, which declined 2.26% and UOB, with a 0.17% advance.

The FTSE ST Mid Cap Index gained 0.34%, whilst the FTSE ST Small Cap Index declined 0.31%.

OCBC Investment Research noted that US stocks finished lower as a sell-off in the technology sector offset an advance in the energy sector. The second round of US-China trade talks weighed on sentiment, whilst buoyant bond yields remained in focus.

Six out of 11 S&P 500 industries ended lower, due mainly to Utilities (-0.90%) and Telecommunication Services (-0.56%). Energy (+1.31%) and Consumer Staples (+0.29%) gained ground.

"With the S&P Index closing little changed, and the US 10-year Treasury yields hitting their highest level since 2011, local sentiment could be somewhat soft today," OIR said.

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