STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI down 0.04%

Expect extended losses today.

The Straits Times Index (STI) ended 1.17 points or 0.04% lower to 2954.06 on Wednesday, taking the year-to-date performance to +2.47%.

According to OCBC Investment Research, this came as U.S. stocks ended a volatile session lower on Wednesday, as investors grappled with the prospect of a faster pace of rate increases in 2017 than had been previously forecast.

Meanwhile, all eleven S&P 500 industries ended lower, led by Energy (-2.12%) and Utilities (-2.04%).

"The pullback on Wall Street overnight could spark a similar correction in the local bourse today, potentially extending STI’s losses in the previous session," OCBC noted.

Here's more from the brokerage firm:

Gold for Feb delivery added US$4.70, or 0.41%, to close at US$1163.70/ounce while Mar Silver increased by 24 cents, or 1.44%, to settle at US$17.22/ounce.

We peg the initial hurdle at 2970, ahead of 3000; on the downside, we peg the immediate support at 2925, followed by its next support level at 2900.

Overall volume shrank 17.2% with 1.9b units traded, and the total value dipped 14.7% to S$0.9b; while average value/unit rose 3.0% to S$0.48.

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