Daily Markets Briefing: STI down 0.2%

Don’t expect gains today.

The Straits Times Index (STI) ended 6.82 or 0.2% lower at 3,400.20.

The top active stocks were DBS, which dipped 0.53%, OCBC Bank, which went down 0.17%, UOB, which fell 0.5%, Singtel, which grew 0.32%, and Venture which slipped 3.47%.

The FTSE Mid Cap went down 0.57% whilst the FTSE Small Cap dipped 0.44%.

According to OCBC Investment Research, US stocks closed lower Wednesday after Fed chief Powell played down chances of easier monetary policy.

Ten out of eleven S&P 500 industries ended lower, led by Energy (-2.18%) and Materials (-1.84%) whilst Real Estate (0.04%) was the sole gainer.

“The weakness on Wall Street overnight after Fed Powell’s rate remarks is likely to weigh on local sentiment today,” OIR said.