Daily Markets Briefing: STI down 0.09%

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

The Straits Times Index (STI) ended 2.84 or 0.09% lower at 3,236.26.

The FTSE ST Mid Cap Index rose 3.33% whilst the FTSE Small Cap Index grew 0.80%.

The top active stocks were DBS, which rose 0.43%, Singtel, which gained 0.63%, UOB, which slipped 1.11%, OCBC, which dipped 0.26%, ang Genting Sing, with a 1.89% fall.

According to OCBC Investment Research, US stocks closed higher, with the S&P 500 and the Dow Jones Industrial Average snapping a multiday losing streak, as solid data bolstered confidence in the economy a day after the Federal Reserve raised interest rates for the third time this year.

Eight out of eleven sectors in the S&P 500 indices closed higher, led by Utilities (0.96%) and Information Technology (0.66%) whilst Materials (-0.98%) and Financials (-0.33%) led the losses.

"The rebound on Wall Street overnight could bring some reprieve to the local market, but we still expect the overall tone to remain cautious," OCBC Investment Research said.

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