Daily Markets Briefing: STI down 0.64%

Wall Street's recovery could uplift the local stocks today.

The Straits Times Index (STI) ended 19.24 or 0.64% lower at 3,012.84.

The top five active stocks were DBS, which fell 0.39%, Genting Sing, which dipped 0.02%, UOB, which slipped 0.078%, OCBC, which inched down 0.04%, and YZJ, with a 0.02% fall.

The FTSE Mid Cap fell 2.34% whilst the FTSE Small Cap dipped 0.63%.

OCBC Investment Research noted that US stock benchmarks staged a potent comeback, regaining much of the ground lost in a rout during the prior session that wiped out all the gains for the Dow and S&P 500 and put the Nasdaq into correction territory for the first time in two years.

Ten out of eleven S&P 500 industries ended higher, led by Consumer Discretionary (3.41%) and Information Technology (3.33%) whilst Utilities (-1.50%) bucked the trend.

"The recovery on Wall Street overnight is likely to provide a lift to the local sentiment this morning. But we expect the overall sentiment to remain cautious amid continued volatility and the concerns on slowing global growth," OCBC Investment Research said.

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