Daily Markets Briefing: STI up 2.34%

Wall Street's gains could uplift the local bourse today.

The Straits Times Index (STI) ended 73.01 or 2.34% higher at 3,190.62.

The top active stocks were DBS, which slipped 0.24%, UOB, which fell 0.31%, Singtel, which closed unchanged, Genting Sing, which dipped 0.02%, and OCBC, with a 0.08% fall.

The FTSE Mid Cap climbed 10.75% whilst the FTSE Small Cap rose 1.67%.

OCBC Investment Research (OIR) noted that US stocks closed higher, with the S&P 500 having its best start to December in eight years, after the US and China called a temporary truce to their trade war over the weekend, triggering relief buying of perceived riskier assets such as equities.

Ten out of eleven of the S&P 500 industries closed higher, led by Energy (2.29%) and Consumer Discretionary (2.21%) whilst Consumer Staples (-0.08%) was the sole loser.

“Today’s tone is likely to remain positive, following the gains on Wall Street overnight, amidst the US-China trade truce,” OIR said.