Daily Markets Briefing: STI down 0.94%

Investors are cautious over concerns towards geopolitical tensions.

The Straits Times Index (STI) ended 32.69 points or 0.94% higher to 3501.3, taking the year-to-date performance to +2.89%.

The top active stocks were DBS, which gained 1.21%, Singtel, which gained 0.60%, UOB, which gained 1.11%, OCBC Bank, which gained 1.87% and CSE Global, with a 6.17% advance.

The FTSE ST Mid Cap Index gained 0.54%, whilst the FTSE ST Small Cap Index rose 0.24%.

OCBC Investment Research noted that US stock benchmarks on Friday wrapped up a solid week on a down note as better-than-expected first-quarter earnings failed to stir buying appetite on Wall Street, underlining concerns about lofty quarterly expectations for American corporations, high valuations, and geopolitical anxiety.

Seven out of 11 S&P 500 industries ended lower, with Financials (-1.55%) and Consumer Discretionary (-0.57%) leading the declines whilst Energy (1.09%) and Utilities (0.69%) led the gains. The index advanced 1.99% for the week.

"The retreat on Wall Street Friday amidst geopolitical tensions in the Middle East is likely to make today’s tone somewhat cautious," OCBC said.

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