Daily Markets Briefing: STI down 0.35%

Expect some good news today.

The Straits Times Index (STI) ended 11.39 points or 0.35% lower to 3209.56, taking the year-to-date performance to +11.41%.

The top active stocks today were DBS, which declined 1.43%, DairyFarm USD, which declined 2.72%, Singtel, which closed unchanged, YZJ Shipbldg SGD, which declined 1.73% and OCBC Bank, with a 0.46% fall.

The FTSE ST Mid Cap Index gained 0.02%, while the FTSE ST Small Cap Index declined 0.11%.

According to OCBC Investment Research, US stock benchmarks finished in the green on Friday, posting sharp weekly gains, with a big assist from rallying telecommunication and bank shares as Wall Street shook off North Korea’s latest missile launch.

Eight out of eleven S&P 500 industries finished higher, led by Telecommunication Services (1.78%) while Health Care (-0.29%) led the losses. The index advanced 1.58% for the week.

"The gains on Wall Street Friday could lift local sentiment, potentially sending the STI higher in the direction of 3300," OCBC said.