Daily Markets Briefing: STI down 0.33%
Investors are urged to be careful today.
The Straits Times Index (STI) ended 11.11 points or 0.33% lower to 3380.5, taking the year-to-date performance to +17.35%.
The top active stocks were DBS, which gained 0.04%, OCBC Bank, which declined 1.17%, Singtel, which closed unchanged, UOB, which declined 0.28% and Ascendas REIT, with a 0.37% advance.
The FTSE ST Mid Cap Index declined 0.36%, whilst the FTSE ST Small Cap Index declined 0.17%.
According to OCBC Investment Research, the Dow Jones Industrial Average closed at a record on Thursday, but the other main benchmarks saw muted moves, as the much-anticipated tax plan by House Republicans was unveiled and as President Donald Trump nominated Fed. Gov. Jerome Powell to run the Federal Reserve, as had been widely expected.
Five out of 11 S&P 500 industries finished higher, led by Real Estate, which gained 0.88%, and Financials, which gained 0.86%, whilst Telecommunication Services, which fell 1.01%, and Consumer Discretionary, which fell 0.77%, led the declines.
"The mixed performances on Wall Street overnight could keep investors cautious today as they assess the latest news on U.S. tax-cut plans," OCBC said.