Daily Markets Briefing: STI up 0.13%

Expect an upbeat tone in the local bourse today.

The Straits Times Index (STI) ended 4.08 or 0.13% higher at 3,094.48.

The top active stocks were Singtel, which slipped 0.04%, DBS, which advanced 0.17%, UOB, which rose 0.02%, OCBC, which grew 0.02%, and Genting Sing, with a 0.005% advance.

The FTSE Mid Cap rose 5.11% whilst the FTSE Small Cap grew 2.98%.

According to OCBC Investment Research (OIR), US stocks closed higher Wednesday, with the Dow Jones Industrial Average surging more than 600 points, as investors interpreted Federal Reserve Chairman Jerome Powell’s comments on interest rates as dovish.

Ten out of eleven of the S&P 500 industries closed higher, led by Information Technology (3.44%) and Consumer Discretionary (3.23%) whilst Utilities (-0.12%) fell.

"We expect the local bourse to trade with a more upbeat tone today on Powell’s dovish comments on interest rate," OIR commented.