Daily Markets Briefing: STI down 0.85%

Expect muted gains today.

The Straits Times Index (STI) ended 30.3 points or 0.85% lower to 3545.38, taking the year-to-date performance to +4.19%. 

The top active stocks were DBS, which declined 1.64%, UOB, which declined 1.72%, Venture, which declined 0.76%, OCBC Bank, which declined 0.73% and Singtel, with a 0.57% fall.

The FTSE ST Mid Cap Index declined 0.39%, whilst the FTSE ST Small Cap Index declined 0.41%.

OCBC Investment Research noted that U.S. stocks logged sharp gains Friday, with major indexes shaking off an early slide as technology stocks—notably Apple Inc.—rallied, overshadowing uncertainty over tense trade talks between the U.S. and China and a weaker-than-expected rise in April nonfarm payrolls.

All eleven S&P 500 industries ended higher, led by Information Technology (1.97%) and Consumer Staples (1.39%). The index advanced 0.27% for the month.

“The strength on Wall Street Friday could bring some inspiration to the local bourse today,” OCBC added.