Daily Markets Briefing: STI down 0.69%

Expect muted gains today.

The Straits Times Index (STI) ended 22.2 or 0.69% lower at 3,186.26.

The top active stocks were DBS, which fell 0.58%, OCBC Bank, which dipped 0.54%, UOB, which went down 0.6%, Singtel, which remained unchanged, and YZJ Shipbldg, which crashed 2.04%.

The FTSE Mid Cap slipped 0.72% whilst the FTSE Small Cap dipped 0.38%.

According to OCBC Investment Research (OIR), stocks closed solidly higher Tuesday, following a temporary reprieve on restrictions on US exports to China telecom giant Huawei Technologies, reflecting a slight reduction in tensions on one front of the Sino-American trade fight.

Ten out of eleven S&P 500 industries ended higher, led by Materials (1.51%) and Information Technology (1.20%) whilst Consumer Staples (-0.31%) bucked the trend.

“The rebound on Wall Street overnight is likely to provide a lift to local bourse today, but we expect the overall sentiment to remain cautious,” OIR said.

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