Daily Markets Briefing: STI down 0.42%

The Fed's patient stance on future interest-rate hikes may buoy local sentiment.

The Straits Times Index (STI) ended 13.31 or 0.42% lower at 3,174.38.

The top active stocks were DBS, which dropped 1.16, UOB, which slipped 0.9%, Singtel, which dipped 0.33%, YZJ Shipbuilding SGD, which edged up 3.65%, and Genting Sing which remained unchanged.

The FTSE Mid Cap grew 0.94% whilst the FTSE Small Cap rose 1.51%.

According to OCBC Investment Research (OIR), US stocks rallied to close higher Wednesday after scoring a boost from solid corporate results and a seemingly accommodative Federal Reserve. The Dow Jones Industrial Average also reclaimed the 25,000 level for the first time in over a month.

All eleven S&P 500 industries ended higher, led by Information Technology (3.03%) and Consumer Discretionary (2.16%).

"We expect the local sentiment to be buoyant today, following the rally on Wall Street overnight, with the Fed seen taking a patient stance on future interest-rate hikes," OIR said.