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Daily Markets Briefing: STI up 0.18%

Daily Markets Briefing: STI up 0.18%

Expect share prices to come down soon.

The Straits Times Index (STI) ended 5.97 points or 0.18% higher to 3329.03, taking the year-to-date performance to +15.56%.

The top active stocks were Singtel, which gained 0.54%, DBS, which gained 0.75%, Global Logistic, which closed unchanged, UOB, which declined 0.25% and Keppel Corp, with a closed unchanged.

The FTSE ST Mid Cap Index gained 0.06%, whilst the FTSE ST Small Cap Index declined 0.08%.

According to OCBC Investment Research, all three major equity indexes on Wednesday closed at records simultaneously for the 23rd time in 2017, and the blue-chip Dow Jones Industrial Average ended above the 23,000 mark for the first time ever, as U.S. equities rode the latest round of corporate earnings fresh peaks.

Four out of 11 S&P 500 industries finished higher, led by Financials, which gained 0.56%, and Information Technology, which gained 0.30%, while Energy, which fell 0.70%, and Telecommunication Services, which fell 0.58%, led the declines.

"While continued gains on Wall Street overnight could keep local sentiment fairly upbeat, the STI may be due for a technical correction soon," OCBC said.

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