STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI down 0.16%

Expect a cautious market as investors await the Fed rate decision.

The Straits Times Index (STI) ended 5.59 points or 0.16% lower to 3512.14, taking the year-to-date performance to +3.21%.

The top active stocks were Singtel, which gained 2.05%, DBS, which declined 1.26%, UOB, which declined 1.51%, Venture, which gained 2.93% and OCBC Bank, with a 0.97% fall.

The FTSE ST Mid Cap Index gained 0.55%, whilst the FTSE ST Small Cap Index declined 2.07%.

OCBC Investment Research noted that US stocks ended modestly higher Friday, with the S&P 500 breaking a four-day losing streak after mostly upbeat economic data, though major indexes still suffered weekly declines.

Nine out of 11 S&P 500 industries ended higher, led by Energy (1.01%) and Utilities (0.99%) whilst Information Technology (-0.07%) and Consumer Discretionary (-0.05%) lost ground. The index retreated 1.24% for the week.

"The gains on Wall Street Friday could provide a lift to the local bourse today, but we expect the overall tone to be cautious as investors await the Fed rate decision on Wednesday," OCBC said.

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