Daily Markets Briefing: STI down 0.31%

Don't expect any gains today.

The Straits Times Index (STI) ended 10.47 points or 0.31% lower to 3375.97, taking the year-to-date performance to +17.19%.

The top active stocks were Global Logistic, which declined 0.30%, DBS, which declined 0.62%, OCBC Bank, which gained 1.19%, Keppel Corp, which gained 1.21% and CapitaLand, with a 0.27% fall.

The FTSE ST Mid Cap Index remained unchanged, whilst the FTSE ST Small Cap Index declined 0.06%.

According to OCBC Investment Research, US stocks closed lower Monday as a report that the House of Representatives is considering phasing in a cut to corporate taxes rather than enacting them immediately weighed on investors’ confidence.

Seven out of 11 S&P 500 industries finished lower, led by Telecommunication Services, which dipped 1.41%, and Health Care, which dipped 1.07%, whilst Real Estate (0.58%) and Information Technology (0.41%) led the gains.

"The weakness on Wall Street overnight could weigh on local sentiment this morning," OCBC said.

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