Daily Markets Briefing: STI down 0.05%

A new trade deal between US and Canada could boost gains today.

The Straits Times Index (STI) ended 1.59 or 0.05% lower at 3,255.46.

The FTSE ST Mid Cap Index rose 0.75% whilst the FTSE Small Cap Index grew 0.07%.

The top active stocks were DBS, which fell 0.12%, Singtel, which dipped 0.01%, UOB, which slipped 0.03%, OCBC, which grew 0.01%, and Venture, with a 0.89% advance.

According to OCBC Investment Research, US stocks closed mostly higher, but off the best levels, after the US and Canada reached a deal to revise the North American Free Trade Agreement. The news helped to alleviate some of the concerns surrounding trade that have periodically weighed on the market over the past several months.

Six out of eleven sectors in the S&P 500 indices closed higher, led by Energy (1.43%) and Materials (1.05%) whilst Real Estate (-0.85%) and Utilities (-0.30%) led the gains.

"The new trade agreement could provide support for the local markets to push past the immediate resistance level of 3260 meaningfully but investors would likely look out for more positive indicators," OCBC Investment Research said.

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