Daily Markets Briefing: STI down 0.23%

The overall sentiment is expected to be fairly cautious.

The Straits Times Index (STI) ended 6.55 points lower or 0.23% lower to 2807.14 on Wednesday.

OCBC Investment Research said this came after U.S. stocks closed lower on Wednesday and the S&P 500 recorded its longest losing streak in five years as the U.S. Federal Reserve kept interest rates unchanged while the presidential race continues to tighten.

All S&P 500 industries ended lower, with Real Estate (-1.45%) and Utilities (-1.28%) leading the declines.

Dec WTI Crude lost US$1.33, or 2.85%, to close at US$45.34/barrel while Jan Brent fell US$1.28, or 2.66%, to end at US$46.86/barrel.

Gold for Dec delivery added US$20.20, or 1.51%, to close at US$1308.20/ounce while Dec Silver was up 28 cents, or 1.49%, to settle at US$18.69/ounce.

"Continued weakness on Wall Street overnight could keep overall sentiment fairly cautious and hence limit near-term upside," it said.

The research house pegs the immediate support at 2800, ahead of 2725; on the upside, 2860 is the immediate resistance, followed by the 2880 subsequent key resistance.

Overall volume rose 3.5% with 1.7b units traded, and the total value jumped 19.6% to S$1.0b; while average value/unit fell 15.4% to S$0.60.