Expect some gains today, but remain cautious as investors await Fed announcements.
The Straits Times Index (STI) ended 15.02 points or 0.43% higher to 3513.31, taking the year-to-date performance to +3.24%.
The top active stocks were DBS, which gained 0.89%, Singtel, which gained closed unchanged, UOB, which gained 0.71%, OCBC Bank, which gained 1.44% and Genting Sing, with a 0.89% advance.
The FTSE ST Mid Cap Index declined 0.14%, whilst the FTSE ST Small Cap Index rose 0.39%.
OCBC Investment Research noted that US stocks ended higher Tuesday, led by strong gains in the energy sector, as the overall market reclaimed some lost ground from the previous day when tech shares fell sharply.
Six out of 11 S&P 500 industries ended higher, led by Energy (0.85%) and Consumer Discretionary (0.61%) whilst Telecommunication Services (-1.01%) and Utilities (-0.46%) led the declines.
"The rebound on Wall Street overnight could provide a modest boost to the local bourse today, but we expect the overall tone to remain cautious as investors await the Federal Reserve’s rate decision," OCBC said.
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