Daily Markets Briefing: STI up 0.27%

Expect more gains today.

The Straits Times Index (STI) ended 8.89 points or 0.27% higher to 3336.72 on Wednesday, taking the year-to-date performance to +15.83%.

The top active stocks yesterday were Singtel, which gained 0.76%, ThaiBev, which declined 1.04%, DBS, which gained 1.34%, Rowsley, which declined 11.92% and OCBC Bank, with a 0.63% advance.

OCBC Investment Research said this came as the U.S. stock-market benchmarks finished modestly higher, with all three gauges recording all-time highs, supported by better-than-expected corporate results, and as the Federal Reserve offered an update to its monetary-policy outlook.

Meanwhile, seven out of eleven S&P 500 industries ended higher, led by Telecommunication Services (2.96%) while Materials (-0.65%) led the losses.

"Continued strength on Wall Street overnight could keep local sentiment fairly upbeat, potentially extending the STI’s 0.3% gains yesterday," the brokerage firm said.

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