Daily Markets Briefing: STI down 0.06%

Expect more losses today.

The Straits Times Index (STI) ended 22.37 points or 0.69% lower to 3226.34 on Thursday, taking the year-to-date performance to +12.00%.

The top active stocks yesterday were Noble, which gained 36.17%, DBS, which declined 1.71%, Singtel, which declined 0.51%, OCBC Bank, which declined 1.66% and UOB, with a 0.69% fall.

OCBC Investment Research said US stocks closed lower as investors continued to rotate out of battered technology names. A combination of geopolitical jitters and growing signs that global central banks are inching closer to unwinding policies that have helped to support both stocks and government bonds is also weighing on the broader market.

This is reflected in the eleven S&P 500 industries ending lower, with Telecommunication Services (-2.29%) and Real Estate (-1.88%) leading the declines.

"The weakness on Wall Street overnight could spark a similar correction in the local bourse today," OCBC Investment Research said.

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