Daily Markets Briefing: STI down 0.33%

Expect muted gains today.

The Straits Times Index (STI) ended 10.69 or 0.33% lower at 3,261.66.

The top active stocks were DBS, which slipped 0.04%, OCBC, which dropped 1.15%, Singtel, which edged up 0.33%, UOB, which dipped 0.35%, and Best World with a 14.48% advance.

The FTSE Mid Cap grew 0.22% whilst the FTSE Small Cap rose 0.57%.

According to OCBC Investment Research (OIR), US stocks closed lower Tuesday after weaving in and out of positive territory all session following Federal Reserve chairman Jerome Powell’s congressional testimony, during which he reiterated the central bank’s wait-and-see approach.

Seven out of eleven S&P 500 industries ended lower, led by Materials (-0.59%) and Health Care (-0.32%). Information Technology (0.20%) and Consumer Discretionary (0.15%) led the gains.

"We expect the local bourse to trade with a soft tone today, following the weakness on Wall Street overnight," OIR said.