Daily Markets Briefing: STI down 1.11%

The continued Wall Street weakness could mute gains today.

The Straits Times Index (STI) 84.09 or 2.69% lower at 3,047.39.

The FTSE ST Mid Cap Index crashed 17.04% whilst the FTSE Small Cap Index fell 9.54%.

The top active stocks were DBS which fell 0.64%, Singtel, which closed unchanged, OCBC which slipped 0.27%, UOB, which dipped 0.65%, and Genting Sing, with a 0.05% fall.

According to OCBC Investment Research, US stocks extended losses to finish lower, with the Dow Jones Industrial Average losing nearly 1,400 points over two days as investors continued to fret over rising bond yields and the prospect of higher interest rates.

All eleven S&P 500 industries ended lower. The worst performers were Energy (-3.09%) and Financials (-2.93%).

"Continued weakness on Wall Street overnight could cause investors to remain cautious today," OCBC Investment Research said.