Daily Markets Briefing: STI up 0.71%

Wall Street's recovery could uplift gains today.

The Straits Times Index (STI) ended 21.78 or 0.71% higher at 3,069.17.

The FTSE ST Mid Cap Index grew 4.24% whilst the FTSE ST Small Cap Index rose 3.93%.

The top active stocks were DBS, which inched up 0.11%, Singtel, which advanced 0.04%, UOB, which grew 0.08%, Genting Sing, which inched up 0.005%, and OCBC Bank, with a 0.07% advance.

According to OCBC Investment Research, US stocks rose to close higher, with equities rebounding from a multi-day rout that slashed 1,400 points from the Dow Jones Industrial Average at its worst and left the Nasdaq on the precipice of a correction.

Ten out of eleven S&P 500 industries ended higher, led by Information Technology (3.15%) and Consumer Discretionary (2.15%) whilst Real Estate (-0.07%) lost ground. The index retreated 4.10% for the week.

“The recovery on Wall Street Friday could provide a lift to the local bourse this morning,” OCBC Investment Research said.