Daily Markets Briefing: STI down 0.87%

Don’t expect gains today.

The Straits Times Index (STI) ended 28.68 or 0.87% lower at 3,283.84.

The top active stocks were DBS, which dipped 0.71%, Singtel, which went down 1.58%, UOB, which fell 1.04%, OCBC Bank, which slipped 1.12%, and YZJ Shipbldg, which decreased 0.65%.

The FTSE Mid Cap dipped 0.75% whilst the FTSE Small Cap fell 0.37%.

According to OCBC Investment Research (OIR), the US stock market switched direction toward the closing bell to finish mostly lower Wednesday as worries over US-China trade talks lingered. The dramatic reversal extended losses by the S&P 500 and Nasdaq for a third straight session.

Eight out of eleven S&P 500 industries ended lower, led by Utilities (-1.38%) and Communication Services (-0.36%) whilst Health Care (0.12%) led the gains.

“Today’s sentiment is likely to remain cautious ahead of the tariff deadline on Friday,” OIR said.