Daily Markets Briefing: STI up 0.82%

Expect some good news today.

The Straits Times Index (STI) ended 29.05 points or 0.82% higher to 3550.36, taking the year-to-date performance to +4.33%.

The top active stocks were DBS, which gained 1.27%, Sembcorp Marine, which gained 9.52%, Venture, which gained 4.97%, OCBC Bank, which gained 1.31% and Sembcorp Ind, with a 4.31% advance.

The FTSE ST Mid Cap Index gained 1.60%, whilst the FTSE ST Small Cap Index rose 0.60%.

OCBC Investment Research noted that US stocks on Friday finished the day and week higher, with both the S&P 500 and the Nasdaq ending at records as optimism over corporate earnings outweighed the threat of a government shutdown.

Nine out of eleven S&P 500 industries finished higher, led by Consumer Staples, which rose 1.11%, and Consumer Discretionary, which rose 0.87%, whilst Utilities, which fell 0.29%, and Energy, which fell 0.10%, lost ground. The index advanced 0.86% for the week.

"The rally on Wall Street last Friday could keep local sentiment fairly upbeat this morning," OCBC said.

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