Daily Markets Briefing: STI down 0.08%

Wall Street gains could uplift the local bourse today.

The Straits Times Index (STI) ended 2.49 points or 0.08% lower at 3209.44, taking the year-to-date performance to -5.69%.

The top active stocks were DBS, which declined 0.04%, Singtel, which closed unchanged, OCBC Bank, which rose 0.18%, UOB, which gained 0.45% and Genting Sing, with a 0.94% advance.

The FTSE ST Mid Cap Index gained 0.05%, whilst the FTSE ST Small Cap Index rose 0.09%.

According to OCBC Investment Research, US stocks rallied for a second session, with the Dow Jones Industrial Average closing at its highest since February, as optimism that the US and China will eventually resolve their trade standoff offset fears about Turkey’s currency crisis.

All eleven S&P 500 industries ended higher, led by Real Estate (0.96%) and Materials (0.74%). The index logged 0.59% weekly gains.

"The gains on Wall Street Friday could bring some cheer to the local bourse today," OCBC Investment Research noted.

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