Daily Markets Briefing: STI down 0.18%

It's poised for a 5-day losing streak.

The Straits Times Index (STI) ended 5.06 points or 0.18% lower to 2802.08 on Thursday.

OCBC Investment Research said this came after U.S. stocks closed lower Thursday, marking the S&P 500's longest losing streak since the depths of the financial crisis, as Facebook shares slumped and investors fretted over election uncertainty.

Eight out of eleven S&P 500 industries ended lower, with Health Care (-1.03%) leading the declines and Energy (0.37%) led the gains.

According to OCBC Investment Research, persistent pullback on Wall Street overnight could continue to weigh on local sentiment, potentially
extending the STI's 5-day losing streak.

"With today's tone set to remain bearish, we could see the index breaking the 2800 immediate support level and head straight for the 2725 subsequent base," it said.

On the upside, The research house pegs the initial hurdle at 2835, followed by the 2870 key resistance.

Overall volume rose 42.9% with 2.4b units traded, and the total value jumped 5.5% to S$1.1b; while average value/unit fell 26.7% to S$0.44.

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