Daily Markets Briefing: STI down 0.93%

Don't expect gains today.

The Straits Times Index (STI) ended 30.32 or 0.93% lower at 3,243.32.

The FTSE ST Mid Cap Index gained 2.18%, whilst the FTSE ST Small Cap Index advanced 0.99%.

The top active stocks were DBS, which gained 0.80%, Singtel, which rose 0.32%, OCBC Bank, which grew 0.45%, ThaiBev, which inched up 0.78%, and Wheelock, with a 0.40% fall.

According to OCBC Investment Research, US stocks rose, with the S&P 500 and the Nasdaq closing at records, after Federal Reserve Chairman Jerome Powell affirmed the central bank’s strategy of gradually normalizing monetary policy, highlighting the strength in the economy and robust corporate results that have helped to support investment appetite for equities.

Ten out of eleven S&P 500 industries ended higher, led by Materials (1.22%) and Information Technology (1.10%) whilst Consumer Staples (-0.17%) bucked the trend. The index advanced 0.86% for the week.

“The strength on Wall Street Friday is likely to provide a lift to local sentiment this morning,” OCBC Investment Research said.