Daily Markets Briefing: STI down 0.31%

But expect some gains today.

The Straits Times Index (STI) ended 9.89 points or 0.31% lower to 3208.91 on Wednesday, taking the year-to-date performance to +11.39%.

The top active stocks yesterday were Global Logistic, which closed unchanged, DBS, which declined 0.82%, OCBC Bank, which gained 0.37%, Singtel, which declined 0.26% and UOB, with a closed unchanged. 

OCBC Investment Research said U.S. stocks closed higher with the Dow industrials setting its first closing record in nearly a month as Federal Reserve Chairwoman Janet Yellen emphasised the central bank’s gradual approach to normalizing monetary policy and expressed optimism about the economy in congressional testimony.

Meanwhile, all eleven S&P 500 industries ended higher, with Information Technology (1.31%) and Real Estate (1.30%) leading gains. Financials (0.11%) posted the lowest gains.

"The gains on Wall Street overnight could bring some cheer to the local bourse this morning," OCBC Investment Research said.