Daily Markets Briefing: STI up 0.64%

Expect some gains today.

The Straits Times Index (STI) ended 22.63 points or 0.64% higher to 3555.85, taking the year-to-date performance to +4.49%.

The top active stocks were DBS, which gained 0.14%, Genting Sing, which declined 6.92%, Venture, which gained 3.53%, UOB, which gained 1.39% and OCBC Bank, with a 0.75% advance.

The FTSE ST Mid Cap Index gained 0.73%, whilst the FTSE ST Small Cap Index rose 0.08%.

OCBC Investment Research noted that the Dow and S&P 500 rose for a third session Monday in a broad-based rally led by technology shares on the back of rotational buying. Investors are also bracing for a busy week that will feature several Federal Reserve speakers, including the new Fed Chairman Jerome Powell’s appearance in front of Congress.

Ten out of 11 S&P 500 industries closed higher, with Telecommunication Services (1.82%) and Information Technology (1.58%) leading the gains whilst Utilities (-0.33%) bucked the trend.

"Continued strength on Wall Street overnight could keep local sentiment fairly upbeat today, potentially extending the STI’s 2-day winning streak," OCBC said.