Daily Markets Briefing: STI up 1.08%

Fears of a trade war remain, weighing down local sentiment.

The Straits Times Index (STI) ended 36.85 points or 1.08% higher to 3442.5, taking the year-to-date performance to +1.16%.

The top active stocks were DBS, which gained 1.39%, UOB, which gained 1.48%, Genting Sing, which gained 5.56%, Singtel, which gained 1.18% and OCBC Bank, with a 1.59% advance.

The FTSE ST Mid Cap Index gained 0.43%, while the FTSE ST Small Cap Index declined 0.11%.

According to OCBC Investment Research, US stocks closed sharply lower on Friday, led by a selloff in industrials and financials, as investors continued to fret over an escalating China-US trade fight.

All eleven S&P 500 industries ended lower, led by Industrials (-2.73%) and Information Technology (-2.53%). The index retreated 1.38% for the week.

"The weakness on Wall Street Friday could weigh on local sentiment as trade war fears remains in focus," OCBC said.

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