Daily Markets Briefing: STI down 0.11%

Expect muted gains today.

The Straits Times Index (STI) ended 3.63 or 0.11% lower at 3,243.92 taking the year-to-date performance to -3.63.

The FTSE ST Mid Cap Index fell 1.44%, whilst the FTSE ST Small Cap Index slipped 0.10%.

The top active stocks were DBS, which gained 0.79%, Singtel, which advanced 1.56%, UOB, which grew 0.18%, OCBC, which inched up 0.88%, and CityDev, with a 0.21% advance.

According to OCBC Investment Research, the stock market extended gains as the S&P 500 and the Nasdaq closed at a record for a fourth session, whilst the Dow finished at its highest since February. Optimism over the possibility of an imminent trade deal with Canada bolstered sentiment.

Eight out of eleven S&P 500 industries ended higher, led by Consumer Discretionary (1.12%) and Information Technology (1.02%) whilst Telecommunication Services (-0.76%) and Real Estate (-0.09%) led the declines.

"The gains on Wall Street overnight could see the STI continuing its attempt to conquer the 3270 key hurdle today," OCBC Investment Research noted.

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