Daily Markets Briefing: STI down 0.66%

Don't expect any boost from Wall Street today.

The Straits Times Index (STI) ended 21.34 points or 0.66% lower to 3232.09 on Thursday, taking the year-to-date performance to +12.20%.

The top active stocks yesterday were DBS, which declined 0.87%, UOB, which declined 2.24%, Singtel, which gained closed unchanged, OCBC Bank, which declined 0.93% and CapitaLand, with a 1.39% fall.

OCBC Investment Research said U.S. stocks retreated as large-cap names in the technology sector extended losses, but major indexes finished off of their intraday lows.

Meanwhile, seven out of eleven S&P 500 industries ended lower, with Materials (-0.90%) and Energy (-0.68%) leading the declines while Utilities (0.56%) led the gains.

The correction on Wall Street could still weigh on the local bourse today, the brokerage firm predicts.

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