Daily Markets Briefing: STI down 1.35%

Wall Street's weakness could drag down the local sentiment today.

The Straits Time Index (STI) ended 40.82 or 1.35% at 2,972.02.

The top active stocks were DBS, which slipped 0.61%, UOB, which fell 0.88%, OCBC, which dipped 0.20%, Genting Sing which slipped 0.03%, and Singtel, with a 0.02% fall.

The FTSE Mid Cap fell 2.18% whilst the FTSE Small Cap slipped 1.54%.

According to OCBC Investment Research, US stocks closed lower with the S&P 500 and the Dow Jones Industrial Average turning red for the year as doubts about whether equities can count on support from corporate earnings emerged in the wake of disappointing results from a handful of megacap companies.

All eleven S&P 500 industries ended lower, with Consumer Discretionary (-3.55%) and Materials (-0.65%) leading the declines. The index retreated 3.94% for the week.

"The weakness on Wall Street Friday is likely to weigh on local sentiment this morning," OCBC Investment Research said.

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