Daily Markets Briefing: STI up 0.89%

The market is fairly upbeat today.

The Straits Times Index (STI) ended 30.09 points or 0.89% higher to 3415.07, taking the year-to-date performance to +0.36%.

The top active stocks were DBS, which gained 1.17%, OCBC Bank, which gained 2.53%, UOB, which gained 1.86%, Singtel, which declined 0.89% and Sembcorp Marine, with a 5.06% advance.

The FTSE ST Mid Cap Index gained 0.51%, whilst the FTSE ST Small Cap Index rose 0.44%.

OCBC Investment Research said US stocks on Tuesday finished in the green, marking a third consecutive gain for equity gauges, ahead of a key inflation reading, even as shades of last week’s brutal selling lingered.

Nine out of 11 S&P 500 industries finished higher, with Real Estate, which rose 0.54%, and Consumer Discretionary, which rose 0.51%, leading the gains while Energy, which fell 0.45%, and Materials, which fell 0.28%, lost ground.

"Continued strength on Wall Street overnight could keep local sentiment fairly upbeat today, potentially extending the STI’s two-day winning streak," OCBC said.

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