STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI up 1.57%

Investors are urged to take caution today.

The Straits Times Index (STI) ended 54.62 points or 1.57% higher to 3540.19, taking the year-to-date performance to +4.03%.

The top active stocks today were DBS, which gained 2.17%, UOB, which gained 2.60%, Singtel, which gained 0.89%, OCBC Bank, which gained 1.43% and Venture, with a 2.49% advance.

The FTSE ST Mid Cap Index gained 1.00%, whilst the FTSE ST Small Cap Index rose 0.68%.

However, OCBC Investment Research noted that the stock market finished mostly lower yesterday, weighed down by the industrials sector, whilst the Nasdaq closed at a record, in part due to optimism over Friday’s jobs data, which showed solid economic growth without triggering wage pressure.

In line with this, six out of eleven S&P 500 industries ended lower led by Industrials (-1.17%) and Health Care (-0.44%) whilst Real Estate (0.48%) and Utilities (0.42%) led the gains.

“Local sentiment is likely to be cautious today, as investors await the US inflation report for clues on the pace of Federal Reserve policy tightening,” said OCBC.

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