Daily Markets Briefing: STI down 0.32%

Don't expect gains today.

The Straits Times Index (STI) ended 11 points or 0.32% lower to 3430.69, taking the year-to-date performance to +0.82%.

The top active stocks were Singtel, which gained closed unchanged, DBS, which dipped 0.59%, UOB, which slipped 0.50%, Genting Sing, which rose 0.79% and OCBC Bank, with a 0.71% fall.

The FTSE ST Mid Cap Index declined 0.31%, whilst the FTSE ST Small Cap Index slipped 0.17%.

OCBC Investment Research noted that U.S. stock-market indexes closed mostly higher as investors shifted their attention away from a landmark meeting between President Donald Trump and Kim Jong Un to the start of a series of important central-bank meetings, kicking off with the Federal Reserve.

Six out of eleven S&P 500 industries ended higher, led by Utilities (1.29%) and Information Technology (0.58%) whilst Energy (-0.75%) and Financials (-0.33%) led the declines.

"Local investors are likely to remain cautious today, as they shift their attention to the major central bank meetings this week," OCBC Investment Research said.

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