Expect extended losses today.
The Straits Times Index (STI) ended 10.07 points or 0.31% lower to 3268.88, taking the year-to-date performance to +13.47%.
The top active stocks yesterday were Singtel, which declined 0.79%; DBS, which gained 0.69%; Global Logistic, which declined 0.31%; UOB, which declined 0.55%; and OCBC Bank, with a 0.45% fall.
OCBC Investment Research said U.S. stock benchmarks finished down at least 1% as heightened concerns about President Donald Trump’s legislative agenda and news of a terrorist attack in Barcelona combined to foster selling on Wall Street.
Technology shares suffered the worst of the beating following disappointing results from Cisco Systems.
Meanwhile, all eleven S&P 500 industries ended lower, with Information Technology (-1.98%) and Financials (-1.74%) leading the declines.
"The pullback on Wall Street overnight could weigh on local sentiment this morning, potentially extending the STI’s losses in the previous session," the brokerage firm said.
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