Daily Markets Briefing: STI up 0.28%

Expect more cheers in the local market today.

The Straits Times Index (STI) ended 9.18 points or 0.28% higher to 3257.52 on Tuesday, taking the year-to-date performance to +13.08%.

The top active stocks yesterday were Singtel, which gained 0.27%, DBS, which gained 0.92%, OCBC Bank, which gained 0.56%, Ascendas REIT, which declined 1.10% and Jardine C&C, with a 1.56% advance.

OCBC Investment Research said this came as the Dow and the S&P 500 closed at records Tuesday as technology shares rebounded following a two-day decline. But the market’s focus was on the Federal Reserve’s two-day monetary policy meeting and Attorney General Jeff Sessions’ testimony before the Senate Intelligence Committee.

Meanwhile, ten out of eleven S&P 500 industries ended lower, with Materials (1.31%) and Information Technology (0.85%) leading the gains while Telecommunication Services (-1.03%) bucked the trend.

"The gains on Wall Street overnight could provide some boost to the local bourse this morning," the brokerage firm said.

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