Daily Markets Briefing: STI down 1.06%

The shifted focus from G-7 to the Trump-Kim summit will maintain a cautious tone today.

The Straits Times Index (STI) ended 36.71 points or 1.06% lower to 3436.37, taking the year-to-date performance to +0.98%.

The top active stocks were DBS, which fell 1.04%, Singtel, which dipped 0.62%, UOB, which declined 1.89%, OCBC Bank, which slipped 2.03% and Venture, with a 1.26% fall.

The FTSE ST Mid Cap Index declined 0.61%, whilst the FTSE ST Small Cap Index slipped 0.48%.

OCBC Investment Research noted that US stocks closed higher, with major indexes posting their strongest week in months as investors brushed aside tensions between the US and major allies as a meeting of leaders of the Group of Seven industrialized nations got underway in Canada.

Nine out of eleven S&P 500 industries ended higher, led by Consumer Staples (1.30%) and Health Care (0.70%) whilst Energy (-0.22%) and Utilities (-0.01%) lost ground. The index advanced 1.62% for the week.

“Despite the modest gains on Wall Street, we expect the overall tone to remain cautious today, as investors’ focus shifted from G-7 to the Trump-Kim summit,” OCBC Investment Research said.

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