Daily Markets Briefing: STI up 0.21%

Don't expect gains today.

The Straits Times Index (STI) ended 6.64 or 0.21% higher at 3,229.48.

The top active stocks were Singtel, which dipped 0.34%, DBS, which slipped 0.16%, YJZ Shipbuilding, which climbed 2.9%, OCBC, which edged down 0.18%, and Venture Corporation with a 2.76% fall.

The FTSE Mid Cap dipped 0.04% whilst the FTSE Small Cap declined 0.19%.

According to OCBC Investment Research (OIR), stocks finished lower for a fourth straight session on mounting evidence of a slowing global economy after the European Central Bank slashed its gross domestic product forecasts and pledged continued support for the flagging eurozone economy.

Ten out of eleven S&P 500 industries ended lower, led by Consumer Discretionary (-1.37%) and Financials (-1.06%) whilst Utilities (0.26%) was the sole gainer.

"We could see the local bourse tracking declines in the US stock markets today, as global growth concern reignites," OIR said.

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