Daily Markets Briefing: STI down 0.89%

Expect bleak results today.

The Straits Times Index (STI) ended 30.39 points or 0.89% lower to 3368.7, taking the year-to-date performance to +16.94%.

The top active stocks were DBS, which declined 0.63%, Singtel, which declined 0.27%, Keppel Corp, which declined 3.29%, OCBC Bank, which declined 1.20% and UOB, with a 0.76% fall.

The FTSE ST Mid Cap Index declined 0.52%, whilst the FTSE ST Small Cap Index declined 0.21%.

According to OCBC Investment Research, US stocks closed lower Wednesday, with both the Dow and the S&P 500 suffering their biggest one-day percentage drops since September as falling oil prices and worries over the progress of a U.S. tax overhaul left investors increasingly averse to putting more money into assets seen as risky.

Nine out of 11 S&P 500 industries finished lower, with Energy, which dropped 1.17%, and Consumer Staples, which dropped 1.08%, leading the declines whilst Financials, which rose 0.19%, and Telecommunication Services, which rose 0.12%, gained.

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

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