Daily Markets Briefing: STI up 0.21%

Wall Street earnings could help lift gains today.

The Straits Times Index (STI) ended 6.85 points or 0.21% higher at 3239.64, taking the year-to-date performance to -4.80%.

The top active stocks were DBS, which gained 0.54%, Venture, which rose 3.53%, OCBC Bank, which declined 0.18%, UOB, which dipped 0.46% and Singtel, with a 0.31% advance.

The FTSE ST Mid Cap Index gained 0.37%, whilst the FTSE ST Small Cap Index declined 0.28%.

OCBC Investment Research noted that US stocks closed higher, extending a recent upswing after Federal Reserve Chairman Jerome Powell indicated the US central bank would not move too quickly in changing monetary policy, and that it would be flexible in the face of changing conditions.

Seven out of eleven S&P 500 industries ended higher, led by Materials (1.32%) and Information Technology (0.81%) whilst Real Estate (-0.63%) and Energy (-0.38%) led the declines.

"The gains on Wall Street overnight after earnings and Powell testimony could help lift local sentiment this morning," OCBC Investment Research said.

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