, Singapore

Daily Markets Briefing: STI up 0.24%

The thawing US-China trade tensions may boost local sentiment.

The Straits Times Index (STI) ended 7.71 or 0.24% higher at 3,220.40.

The top active stocks were Singtel, which dropped 0.99%, UOB, which slipped 0.08%, DBS, which climbed 0.97%, OCBC, which edged up 0.36, and Venture Corporation with a 3.65% advance.

The FTSE Mid Cap grew 0.58% whilst the FTSE Small Cap rose 0.27%.

According to OCBC Investment Research (OIR), US stocks closed higher Friday, with the S&P 500 finishing above 2,800 for the first time since 8 November 2018, on news that trade negotiations between the US and China may conclude as soon as in two weeks. However, the latest data on US manufacturing disappointed, tempering investors’ optimism.

Eight out of eleven S&P 500 industries ended higher, led by Energy (1.81%) and Health Care (1.41%). Consumer Staples (-0.17%) led the losses.

"Today’s tone is likely to be fairly buoyant after a report said that the US and China are close to a trade deal," OIR said.

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