Daily Markets Briefing: STI down 1.04%

Don't expect gains today.

The Straits Times Index (STI) ended 33.61 or 1.04% lower at 3,195.87.

The top active stocks were DBS, which dipped 1.027%, OCBC Bank, which slipped 1.339%, Singtel, which fell 1.01%, UOB, which edged down 1.033%, and YZJ Shipbldg SGD with a 2.113% decline.

The FTSE Mid Cap dipped 0.99% whilst the FTSE Small Cap fell 0.15%.

According to OCBC Investment Research (OIR), U.S. stocks finished lower for a fifth session in a row, with the Dow notching its longest losing streak since June, after a disappointing jobs report and a slump in Chinese exports added to concerns about slowing global growth.

Seven out of eleven S&P 500 industries ended lower, led by Energy (-1.95%) and Consumer Discretionary (-0.66%) whilst Utilities (0.36%) and Materials (0.21%) led the gains.

“The continued slide in the US markets could make it challenging for local sentiment to be bullish. Some could adopt a more cautious approach and wait for more positive signals before entering the market,” OIR said.

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