Daily Markets Briefing: STI down 0.05%

Don’t expect gains today.

The Straits Times Index ended 1.43 0.05% lower at 3,069.67.

The top active stocks are YZJ, which dipped 0.07%, UOB, which slipped 0.32%, DBS, which fell 0.11%, OCBC, which dipped 0.09%, and Singtel, with a 0.02% fall.

The FTSE Mid Cap fell 4.77% whilst the FTSE Small Cap dipped 1.14%.

According to OCBC Investment Research, US stocks closed sharply lower, dogged by worries about global growth and as investors continued to weigh minutes of the Federal Reserve’s September meeting, which were viewed as hawkish.

Nine out of eleven S&P 500 industries ended lower, with Consumer Discretionary (-2.11%) and Information Technology (-2.02%) leading the declines whilst Utilities (0.08%) led the gains.

“We expect the local sentiment to remain cautious today, amidst rising interest rates and trade war concerns,” OCBC Investment Research said.