Daily Markets Briefing: STI down 0.79%

Wall Street's weakness is set to dampen local sentiment.

The Straits Times Index (STI) ended 25.19 or 0.79% lower at 3,173.46.

The top active stocks were UOB, which slipped 0.34%, Singtel, which dropped 1.64%, DBS, which dipped 0.85%, ThaiBev, which rose 2.94%, and OCBC with a 1.29% fall.

The FTSE Mid Cap fell 5.38% whilst the FTSE Small Cap dipped 0.68%.

According to OCBC Investment Research, US stocks closed lower Monday as weaker-than-expected China trade data sparked fresh fears of a global economic slowdown. It also noted how coporate results on Q4 earnings were in the spotlight and got under way.

Ten out of eleven S&P 500 industries ended lower, led by Utilities (-2.23%) and Healthcare (-1.16%). Financials (0.73%) was the sole gainer.

"Continued weakness on Wall Street overnight after weak economic data in China is likely to weigh on local sentiment today," OIR said.

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