Daily Markets Briefing: STI down 1.79%

Investors may remain cautious whilst awaiting the American midterm election results.

The Straits Times Index (STI) ended 55.77 or 1.79% lower at 3,060.62.

The top active stocks were DBS, which fell 0.66%, OCBC, which dipped 0.15%, UOB, which dropped 0.57%, Venture, which slipped 1.51%, and CapitaLand, with a 0.11% fall.

The FTSE Mid Cap fell 10% whilst the FTSE Small Cap slipped 3.32%.

According to OCBC Investment Research (OIR), US stocks rallied into the close, as traders awaited the results of midterm elections that could set the political tone on Wall Street for at least the next two years.

All eleven S&P 500 industries ended higher, led by Materials (1.51%) and Industrials (1.10%).

“Despite the gains on Wall Street overnight, we expect the investors to remain cautious today, ahead of the American midterm election results,” OIR commented.