Daily Markets Briefing: STI down 0.47%

Don’t expect gains today.

The Straits Times Index (STI) ended 14.85 or 0.47% lower at 3,166.60.

The FTSE ST Mid Cap Index fell 4.30% whilst the FTSE Small Cap Index slipped 4.25%.

The top active stocks were DBS, which dipped 0.21%, OCBC, which went down 0.06%, UOB, which slipped 0.12%, Singtel, which dipped 0.02%, and SGX, with a 0.16% fall.

OCBC Investment Research noted that US stocks closed mostly lower after a volatile session as investors continued to fret over the implication of higher bond yields on equities. The Nasdaq, however, snapped a three-day losing streak in line with a rebound in technology shares.

Six out of eleven S&P 500 industries ended lower, led by Materials (-3.40%) and Industrials (-1.51%) whilst Energy (0.99%) and Utilities (0.42%) led the gains.

“Following the volatile performances on Wall Street overnight, we expect today’s tone to remain soft,” OCBC Investment Research said.