Daily Markets Briefing: STI down 1.28%

Don't expect gains today.

The Straits Times Index (STI) ended 42.69 points or 1.28% lower at 3286.32, taking the year-to-date performance to -3.43%.

The top active stocks were DBS, which declined 1.63%, UOB, which slipped 2.05%, OCBC Bank, which fell 2.24%, Singtel, which dipped 0.31% and CapitaLand, with a 1.25% fall.

The FTSE ST Mid Cap Index declined 0.92%, whilst the FTSE ST Small Cap Index fell 0.62%.

According to OCBC Investment Research, US stocks ended a rocky session decidedly higher on the back of a record rally by Apple that took the iPhone maker to a market cap above US$1t, a run-up that helped Wall Street set aside nettlesome trade issues between the U.S. and China.

Seven out of eleven S&P 500 industries ended higher, led by Information Technology (1.37%) and Consumer Staples (1.08%) whilst Materials (-0.72%) and Real Estate (-0.53%) led the declines.

"The mixed performances on Wall Street overnight buoyed largely by Apple is unlikely to provide much inspiration for the local markets as local investors continue to consider persistent trade tensions," OCBC Investment Research said.

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