Daily Markets Briefing: STI down 0.67%

Wall Street's weakness could urge investors to be cautious today.

The Straits Times Index (STI) ended 21.8 or 0.67% lower at 3209.79.

The FTSE ST Mid Cap Index fell 2.78% whilst the FTSE Small Cap Index slipped 2.20%.

The top active stocks were Singtel which dipped 0.31%, DBS, which slipped 0.19%, UOB, which fell 1.46%, OCBC, which dipped 0.72%, and YZJ, with a 2.34% fall.

According to OCBC Investment Research, US stocks closed sharply lower as worries about rising interest rates overshadowed the September jobs report, which pointed to strength in the labour market and the broader economy.

Ten out of eleven S&P 500 industries ended lower, with Information Technology (-1.27%) and Communication Services (-1.04%) leading the declines whilst Utilities (1.57%) bucked the trend. The index retreated 0.97% for the week.

“Today’s tone is likely to remain cautious following the weakness on Wall Street Friday,” OCBC Investment Research said. “Investors will also assess the impact of PBOC cutting reserve requirement ratio to loosen monetary policy.”

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