Daily Markets Briefing: STI up 1.21%

Don't expect gains today.

The Straits Times Index (STI) ended 37.16 or 1.21% higher at 3,114.25.

The top active stocks were DBS, which advanced 0.25%, UOB, which grew 0.64%, OCBC, which inched up 0.22%, Singtel, which rose 0.02%, and ComfortDelGro, with a 0.02% advance.

The FTSE Mid Cap rose 1.11% whilst the FTSE Small Cap dipped 0.92%.

According to OCBC Investment Research (OIR), US stocks finished sharply lower in a volatile session that saw the S&P 500 and Nasdaq post fresh year-to-date closing lows, extending the worst start to a December since 1980.

All eleven S&P 500 industries ended lower, led by Real Estate (-3.72%) and Utilities (-3.27%).

"The sell-off on Wall Street overnight is likely to spread to local bourse today, amidst lingering worries on rising interest rate, slower global growth and U.S-China trade tension," OIR commented.