Daily Markets Briefing: STI down 0.08%

Local sentiment is likely to remain cautious today.

The Straits Times Index (STI) ended 2.56 points or 0.08% lower to 3235.75 on Tuesday, taking the year-to-date performance to +12.32%.

The top active stocks were DBS, which closed unchanged, Singtel, which declined 0.53%, OCBC Bank, which declined 0.09%, UOB, which gained 0.09% and Genting Sing, with a 2.54% fall.

According to OCBC Investment Research, the US stocks fell for a second session as market sentiment turned jittery ahead of a U.K. general election and uncertainties associated with former Federal Bureau of Investigation boss James Comey’s testimony to the Senate later this week.

Meanwhile, nine out of eleven S&P 500 industries ended lower, led by Consumer Discretionary (-0.83%) and Industrials (-0.63%) while Energy (1.20%) and Materials (0.12%) gained.

Here's more from OCBC Investment Research:

Local sentiment is likely to remain cautious today ahead of the U.K vote and ECB meeting.

We continue to peg the immediate resistance at 3250, ahead of 3300; on the downside, the immediate support remains at 3200, ahead of 3170.

Overall volume rose 9.7% with 1.6b units traded, and total value dipped 4.7% to S$0.9b, while average value/unit fell 13.1% to S$0.55.

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