Daily Markets Briefing: STI down 1.99%

The gains on Wall Street Friday could provide a lift to the local bourse today.

The Straits Times Index (STI) ended 64.89 points or 1.99% lower at 3191.82, taking the year-to-date performance to -6.20%.

The top active stocks were CityDev, which fell 15.61%, DBS, which slipped 2.61%, UOL, which declined 13.55%, Singtel, which rose 2.22% and UOB, with a 3.06% fall.

The FTSE ST Mid Cap Index declined 0.76%, whilst the FTSE ST Small Cap Index slipped 1.11%.

According to OCBC Investment Research, US stocks closed solidly higher, helping the three main benchmarks book a second straight session of gains after a read on the labour market came in stronger than expected, supporting the thesis that economic fundamentals remain healthy despite trade-war anxieties.

All eleven S&P 500 industries ended higher, led by Health Care (1.45%) and Information Technology (1.24%). The index advanced 1.52% for the week.

"The gains on Wall Street Friday could provide a lift to the local bourse today after the STI’s heavy selloff of 2% last Friday," OCBC Investment Research said.

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