Daily Markets Briefing: STI down 0.59%

Expect more losses today.

The Straits Times Index (STI) ended 18.05 points or 0.59% lower to 3046.8 on Tuesday, taking the year-to-date performance to +5.69%.

The top active stocks today were DBS, which declined 1.04%, Singtel, which declined 0.51%, OCBC Bank, which declined 0.64%, UOB, which declined 0.38% and Global Logistic, with a 0.76% fall.

According to OCBC, this came as U.S. stocks trimmed earlier losses but still ended mostly lower on Tuesday, as declines in industrial, technology and financials shares outweighed gains in health-care and utilities sectors.

Meanwhile, six out of eleven S&P 500 industries ended lower, with Industrials (-0.93%) leading the losses while Utilities (1.62%) led the gains.

"The continued weakness on Wall Street overnight could weigh on the local bourse, potentially extending STI’s losses in the previous session," OCBC said.

Here's more from the brokerage firm:

With today’s tone likely to be cautious, we expect the STI to hold around 3000 to 3065 and keep the next support and resistance level at 2940 and 3100 respectively.

Overall volume rose 49.2% with 1.3b units traded, and total value surged 82.5% to S$1.0b, while average value/unit added 22.3% to S$0.81.

Reaching the people who run Asia's businesses is harder than it used to be.

Inboxes are crowded. Attention is short. The executives you most want to reach — the founders, CFOs, and operators who actually move budgets — are the hardest to find through the usual channels. If you're building a company, a category, or a reputation, you already know this.

We've spent twenty years building the room they read. Singapore Business Review is where senior decision makers in Singapore and across Southeast Asia come for business coverage they can't get elsewhere — in print, online, and in person at the summits and roundtables we host across seven markets.

If you have something these readers should know about — a point of view worth publishing, a product worth their attention, an event worth their time — we'd like to hear what you're trying to do.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia