Daily Markets Briefing: STI down 0.01%

Expect extended losses today.

The Straits Times Index (STI) ended 0.18 points or 0.01% lower to 2813.69 on Tuesday, taking the year-to-date performance to -2.39%.

According to OCBC, this came after U.S. stocks closed lower on Tuesday, as the S&P 500 fell for a sixth consecutive session to close near its four-month low amid various developments including a tightening U.S. presidential race.

All S&P 500 industries except Energy (+0.10%) ended lower, with Real Estate (-2.02%) and Utilities (-1.76%) leading the declines.

"Continued weakness on Wall Street overnight is likely to weigh further on local sentiment. STI could be extending its 3 day losing streak and testing the immediate support at 2800," OCBC said.

Here's more from the brokerage firm:

Gold for Dec delivery added US$14.90, or 1.17%, to close at US$1288.00/ounce while Dec Silver was up 62 cents to settle at US$18.42/ounce.

We peg 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 2.1% with 1.6b units traded, and the total value dropped 14.4% to S$0.8b; while average value/unit fell 16.1% to S$0.52.