Daily Markets Briefing: STI down 0.63%

Wall Street's strength could fuel gains today.

The Straits Times Index (STI) ended 20.59 points or 0.63% lower at 3265.73, taking the year-to-date performance to -4.03%.

The top active stocks today were DBS, which fell 1.40%, UOB, which declined 0.41%, CapitaLand, which slipped 0.95%, OCBC Bank, which gained 0.09% and Singtel, with a 0.94% fall.

The FTSE ST Mid Cap Index slipped 1.03%, whilst the FTSE ST Small Cap Index dipped 0.42%.

According to OCBC Investment research, US stocks ended the week on a high note and the S&P 500 and Dow recorded a fifth weekly gain in a row, largely underpinned by solid earnings reports throughout the week, shaking off some weakness in July employment and trade-war anxieties.

Ten out of eleven S&P 500 industries ended higher, led by Real Estate (1.28%) and Consumer Staples (1.17%) whilst Energy (-0.46%) bucked the trend. The index was up 3.60% for the month.

"The strength on Wall Street Friday could provide a lift to local sentiment today," OCBC Investment Research said.

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