Daily Markets Briefing: STI up 1.34%

But the weakness on Wall Street could spark a similar correction.

The Straits Times Index (STI) ended 42.95 points or 1.34% higher to 3258.65, taking the year-to-date performance to +13.12%.

The top active stocks yesterday were DBS, which gained 2.46%, Singtel, which gained 1.57%, OCBC Bank, which gained 1.86%, UOB, which gained 2.53% and Genting Sing, with a 2.79% advance.

OCBC Investment Research said this came as the U.S. stocks tumbled, with the S&P 500 and Dow industrials logging their worst one-day declines since May as the technology sector resumed its selloff, overshadowing advances in financials.

Meanwhile, nine out of eleven S&P 500 industries ended lower, led by Information Technology (-1.83%) and Consumer Staples (-1.17%) while Financials (0.65%) and Energy (0.12%) gained.

"The weakness on Wall Street overnight could spark a similar correction in the local bourse today," the brokerage firm said