Daily Markets Briefing: STI down 0.8%

Don't expect gains today.

The Straits Times Index (STI) ended 26.1 points or 0.8% lower to 3254.77, taking the year-to-date performance to -4.35%.

The top active stocks today were DBS, which fell 1.23%, Singtel, which declined 0.64%, UOB, which slipped 0.90%, OCBC Bank, which dipped1.54% and Genting Sing, with a 1.64% fall.

The FTSE ST Mid Cap Index declined 0.22%, whilst the FTSE ST Small Cap Index fell 0.29%.

According to OCBC Investment Research, US stocks closed solidly lower, with the losses driven by a pronounced drop in large-capitalization technology and internet stocks, whilst the S&P 500 closed below a closely watched technical level, which could be a sign that the recent weakness in stocks is not over yet.

Eight out of eleven S&P 500 industries ended lower, led by Information Technology (-1.45%) and Consumer Discretionary (-1.29%) whilst Energy (1.34%) and Utilities (0.58%) led the gains.

"Following the weakness on Wall Street overnight amid concerns over trade policy, we expect the local bourse to trade on a more cautious tone today," OCBC Investment Research said.

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