Daily Markets Briefing: STI down 0.13%

Expect more losses today.

The Straits Times Index (STI) ended 3.56 points or 0.13% lower to 2793.99 on Wednesday, taking the year-to-date performance to -3.08%.

According to OCBC Investment Research, this came as the Dow Jones Industrial Average closed lower, snapping a seven-session winning streak, as well as a string of four consecutive record close, as a postelection rally by financial stocks paused.

Eight out of eleven S&P 500 industries ended lower, led by Financials (-1.42%) and Energy (-0.87%) while Telecommunication Services (1.04%) led the gains.

"The pullback on Wall Street overnight could weigh on the local bourse today, extending the 0.1% loss in the previous session," OCBC noted.

Here's more from the brokerage firm:

Dec WTI Crude fell 24 cents, or 0.52%, to close at US$45.57/barrel while Jan Brent lost 32 cents, or 0.68%, to end at US$46.63/barrel.

Gold for Dec delivery shed 60 cents, or 0.05%, to close at US$1223.90/ounce while Dec Silver decreased by 12 cents, or 0.68%, to settle at US$16.93/ounce.

Overall volume shrank 2.2% with 2.0b units traded, and the total value rose 3.5% to S$1.3b; while average value/unit was up 5.7% to S$0.62.

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