Daily Markets Briefing: STI down 0.09%

Brace for more losses today.

The Straits Times Index (STI) ended 2.63 points or 0.09% lower to 2854.05 on Tuesday, taking the year-to-date performance to -0.99%.

This came after stocks in the United States also ended the day on a sad note, giving back some of the previous day’s advance as worries about a lackluster spate of earnings and a slip in a reading of consumer confidence weighed on market sentiment.

According to OCBC, nine S&P 500 industries ended lower, led by Consumer Discretionary (-1.19%). Only Utilities (0.52%) and Consumer Staples (0.30%) posted gains.

This weakness on Wall Street could weigh on the local sentiment today.

Here's more from OCBC:

Gold for Dec delivery added US$9.90, or 0.78%, to close at US$1273.60/ounce while Dec Silver added 18 cents, or 1.00%, to settle at US$17.78/ounce.

As before, we peg the initial hurdle at 2865, ahead of its next resistance level at 2900; on the downside, we peg the immediate support around 2800, ahead of 2725.

Overall volume shrank 28.4% with 1.9b units traded, and the total value dipped 4.4% to S$0.8b; while average value/unit jumped 33.% to S$0.42.

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