Daily Markets Briefing: STI down 0.08%

Expect a correction in the local market today.

The Straits Times Index (STI) ended 2.59 points or 0.08% lower to 3318.08 on Wednesday, taking the year-to-date performance to +15.18%.

SGX's market summary noted that top active stocks yesterday were DBS, which declined 0.62%; Singtel, which declined 1.05%; Global Logistic, which closed unchanged; YZJ Shipbldg SGD, which gained 4.71%; and CapitaLand, with a 1.31% fall.

According to OCBC Investment Research, the U.S. stocks closed down but off session lows as tensions between North Korea and the U.S. added a dollop of geopolitical uncertainty to markets, and as high-profile companies disappointed with their quarterly results.

Meanwhile, four out of eleven S&P 500 industries ended lower, with Utilities (-0.49%) and Consumer Discretionary (-0.47%) leading the losses while Health Care (0.16%) led the gains. 

"The weakness on Wall Street overnight could spark a similar correction in the local bourse today," the brokerage firm said.