Daily Markets Briefing: STI up 1.28%

Expect some gains today.

The Straits Times Index (STI) ended 44.76 points or 1.28% higher to 3533.22, taking the year-to-date performance to +3.83%.

The top active stocks were DBS, which gained 2.03%, OCBC Bank, which gained 2.06%, UOB, which gained 2.00%, Venture, which gained 6.51% and Singtel, with a 0.90% advance.

The FTSE ST Mid Cap Index gained 0.75%, while the FTSE ST Small Cap Index rose 0.51%.

According to OCBC Investment Research, US stocks jolted higher in the final hour of trading on Friday, erasing weekly losses as persistent hand-wringing about rising bond yields and the re-emergence of long-dormant inflation receded on Wall Street.

All eleven S&P 500 industries closed higher, led by Utilities (2.66%) and Energy (2.20%). The index advanced 0.55% for the week.

"The strength on Wall Street Friday could keep the local sentiment buoyant today, potentially extending the STI’s gains in the previous session," OCBC said.