Daily Markets Briefing: STI down 0.32%

Investors are urged to take caution today.

The Straits Times Index (STI) ended 11.07 points or 0.32% lower to 3438.47, taking the year-to-date performance to +19.36%.

The top active stocks were DBS, which gained 0.08%, OCBC Bank, which declined 0.48%, Singtel, which gained 0.27%, UOB, which declined 1.02% and Keppel Corp, with a 0.13% advance.

The FTSE ST Mid Cap Index declined 0.30%, whilst the FTSE ST Small Cap Index declined 0.29%.

According to OCBC Investment Research, the Dow closed at a record on Monday as investors cheered the weekend passage of the Senate version of a sweeping overhaul of the U.S. tax code. However, the S&P 500 and the Nasdaq finished lower as large-capitalization technology names took a beating.

Five out of 11 S&P 500 industries finished lower, with Information Technology, which fell 1.93%, and Real Estate, which fell 1.29%, leading the declines whilst Telecommunication Services, which rose 1.60%, led the gains.

"The mixed closing on Wall Street overnight could keep local sentiment cautious today," OCBC said.

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