Daily Markets Briefing: STI up 1.14%

Expect muted gains today.

The Straits Times Index (STI) ended 37.08 points or 1.14% higher at 3277.58, taking the year-to-date performance to -3.68%.

The top active stocks were DBS, which gained 0.93%, Wheelock Prop, which rose 25.29%, Venture, which declined 1.18%, CapitaLand, which is up 1.93% and OCBC Bank, with a 0.90% advance.

The FTSE ST Mid Cap Index gained 1.18%, whilst the FTSE ST Small Cap Index rose 0.21%.

OCBC Investment research noted that US stocks closed lower, as major indexes consolidated their gains after a five-day rally that was driven largely by optimism over the strength of corporate earnings.

Nine out of eleven S&P 500 industries ended lower, with Financials (-1.44%) and Telecommunication Services (-1.10%) leading the declines whilst Real Estate (1.01%) and Utilities (0.94%) gained.

"Local sentiment is likely to be cautious today, following the weak performances on Wall Street overnight," OCBC Investment Research said.

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