Daily Markets Briefing: STI down 0.49%

Don't expect some gains today.

The Straits Times Index (STI) ended 17.41 points or 0.49% lower to 3529.82, taking the year-to-date performance to +3.73%.

The top active stocks were Singtel, which declined 0.85%, DBS, which gained 0.26%, Sembcorp Marine, which gained 8.56%, SingPost, which gained 6.15% and CapitaLand, with a 2.11% fall.

The FTSE ST Mid Cap Index declined 0.65%, whilst the FTSE ST Small Cap Index declined 0.66%.

OCBC Investment Research noted that US stocks sold off sharply on Friday with the main benchmarks suffering their biggest one-day drops in more than a year and posting the steepest weekly losses in about two years.

All eleven S&P 500 industries finished lower, led by Energy, which fell 4.13%, and Information Technology, which fell 2.96%. The index advanced 5.62% for the month.

"The selloff on Wall Street Friday could spark a similar correction in the local bourse today," OCBC said.

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