Daily Markets Briefing: STI up 0.93%

Expect muted gains today.

The Straits Times Index (STI) ended 32.65 points or 0.93% higher to 3528.92, taking the year-to-date performance to +3.70%.

The top active stocks were DBS, which gained 0.77%, OCBC Bank, which gained 1.64%, ComfortDelGro, which gained 3.85%, Venture, which declined 2.33% and UOB, with a 0.89% advance.

The FTSE ST Mid Cap Index gained 1.00%, whilst the FTSE ST Small Cap Index rose 0.55%.

OCBC Investment Research noted that US stocks finished lower on the back of a sharp decline in energy-related shares, whilst geopolitical worries hovered over markets after the cancellation of the planned summit between the US and North Korea.

Seven out of 11 S&P 500 industries ended lower, with losses led by Energy (-1.67%) and Financials (-0.71%). Gains were registered by Utilities (+0.75%) and Industrials (+0.60%).

"The local sentiment today could likely be softened despite the small recovery yesterday due to developing geopolitical risks," OIR said.

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