Daily Markets Briefing: STI up 0.02%

Expect muted gains today.

The Straits Times Index ended 0.69 or 0.02% higher at 3,032.08.

The top five active stocks were DBS, which rose 0.13%, Keppel Corp, which dipped 0.18%, Genting Sing, which slipped 0.03%, OCBC, which grew 0.08%, and UOB, with a 0.12% advance.

The FTSE Mid Cap rose 0.82% whilst the FTSE Small Cap grew 0.56%.

According to OCBC Investment Research, stocks ended sharply lower, as losses accelerated into the close and put both the Dow and the S&P 500 into the red for the year, and the Nasdaq into correction territory.

Eight out of eleven S&P 500 industries ended lower, led by Communication Services (-4.88%) and Information Technology (-4.41%) whilst Utilities (2.30%) and Real Estate (1.13%) led the gains.

“The continued correction on Wall Street overnight amidst mounting concerns about slowing global economic growth and corporate earnings is likely to weigh further on local sentiment today,” OCBC Investment Research said.