Daily Markets Briefing: STI down 0.3%

Investors are urged to take caution today.

The Straits Times Index (STI) ended 10.35 points or 0.3% lower to 3404.47, taking the year-to-date performance to +18.18%.

The top active stocks were Singtel, which declined 0.82%, DBS, which declined 0.08%, OCBC Bank, which declined 0.73%, UOB, which closed unchanged, and Rowsley, with a 4.41% fall.

The FTSE ST Mid Cap Index gained 0.29%, whilst the FTSE ST Small Cap Index declined 0.41%.

According to OCBC Investment Research, US stock-market indexes closed slightly lower Tuesday as the House of Representatives, as expected, passed a bill that would deliver sweeping corporate tax cuts.

Eight out of eleven S&P 500 industries finished lower, led by Real Estate, which fell 1.89%, and Utilities, which fell 1.80%, whilst Consumer Staples, which rose 0.18%, led the gains.

"The weakness on Wall Street overnight is likely to keep local sentiment cautious this morning," OCBC said.

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