Daily Markets Briefing: STI up 1.14%

Don't expect any gains today.

The Straits Times Index (STI) ended 39.7 points or 1.14% higher to 3516.23, taking the year-to-date performance to +3.33%.

The top active stocks were DBS, which gained 2.76%, UOB, which gained 1.40%, OCBC Bank, which gained 1.33%, Singtel, which declined 0.30% and Genting Sing, with a 0.78% advance.

The FTSE ST Mid Cap Index gained 0.66%, whilst the FTSE ST Small Cap Index rose 0.31%.

OCBC Investment Research noted that US stocks on Wednesday ended a tumultuous session firmly lower after minutes from the Federal Reserve’s most recent policy-setting meeting sparked a fresh wave of volatility, as bond rates clambered higher and the dollar strengthened, weighing on equities.

All 11 S&P 500 industries closed lower, with Real Estate (-1.81%) and Energy (-1.66%) leading the declines.

"Continued weakness on Wall Street overnight is likely to keep local sentiment cautious today as investors digest minutes from the Federal Open Market Committee," OCBC said.

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