Daily Markets Briefing: STI up 0.5%

The Fed's pause on rate hikes may boost local sentiment.

The Straits Times Index (STI) ended 15.79 or 0.5% higher at 3,190.17.

The top active stocks were DBS, which dipped 0.08%, UOB, which slipped 0.43%, OCBC, which grew 1.05%, Singtel, which edged up 0.33%, and CapitaLand with a 0.91% advance.

The FTSE Mid Cap grew 4.76% whilst the FTSE Small Cap rose 1.35%.

According to OCBC Investment Research (OIR), US stocks closed mostly higher Thursday after the Federal Reserve signaled that rate increases are on pause and that its next policy move will depend on economic data.

Eight ouf of eleven S&P 500 industries ended higher, led by Communication Services (3.74%) and Utilities (2.08%). Materials (-1.54%) and Financials (-0.27%) led the declines.

"Today's tone is likely to remain positive, following the modest gains on Wall Street overnight," OIR said.