Daily Markets Briefing: STI down 0.17%

Local bourse sentiment will remain cautious today.

The Straits Times Index (STI) ended 5.11 points or 0.17% lower to 3066.53 on Wednesday, taking the year-to-date performance to +6.38%.

The top active stocks today were DBS, which declined 0.32%, Singtel, which declined 0.78%, OCBC Bank, which gained 0.31%, Global Logistic, which gained 0.36% and UOB, with a 0.05% advance.

According to OCBC, this came as the Nasdaq Composite Index eked out gains to finish at a record for a second day in a row on Wednesday, but weak financial stocks dragged the Dow Jones Industrial Average lower in a session where the major indexes mostly hugged the flatline.

Meanwhile, seven out of eleven S&P 500 industries ended higher. The best performer was Utilities (0.91%) and worst performer was Financials (-0.75%).

"The mixed showing on Wall Street overnight is likely to keep local sentiment fairly cautious today," OCBC noted.

Here's more from the firm:

We keep the initial hurdle at 3075, ahead of 3100; on the downside, we maintain the immediate support at 3040, ahead of its subsequent base at 3000.

Overall volume tumbled 3.6% with 3.5b units traded, and total value dipped 9.4% to S$1.2b, while average value/unit fell 6.1% to S$0.33.

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