Daily Markets Briefing: STI up 1.34%

Wall Street's rebound could boost the local bourse today.

The Straits Times Index (STI) ended 40.89 or 1.34% higher at 3,093.

The top active stocks were DBS, which advanced 0.51%, UOB, which gained 0.60%, OCBC, which rose 0.18%, Singtel, which inched up 0.01%, and Genting Sing, with a 0.03% advance.

The FTSE Mid Cap rose 1.93% whilst the FTSE Small Cap grew 1.06%%.

According to OCBC Investment Research (OIR), US stocks closed higher as retail shares rallied on expectations of strong sales as shoppers went hunting for deals on Cyber Monday. Stable oil prices and global equities gains also soothed sentiment after a bruising week of losses.

All eleven S&P 500 industries closed higher, led by Consumer Discretionary (2.59%) and Information Technology (2.25%).

"We think the small rebound from Wall Street overnight might provide a small boost to the local markets but the largely anticipated Xi-Trump meeting happening at the sidelines of the G20 Summit would likely keep the tone cautious," OIR commented.

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