Daily Markets Briefing: STI down 0.76%

Expect more losses today.

The Straits Times Index (STI) ended 23.41 points or 0.76% lower to 3044.08 on Thursday, taking the year-to-date performance to +5.60%.

The top active stocks today were DBS, which declined 0.53%, UOB, which declined 1.67%, Singtel, which declined 1.02%, OCBC Bank, which declined 0.32% and Global Logistic, with a 0.39% advance.

OCBC Investment Research said this came as U.S. stocks closed mostly lower after bouncing as concerns about President Donald Trump’s approach on foreign affairs amid spats with key allies and trade partners cast a pall over the market.

Meanwhile, six out of eleven S&P 500 industries ended higher, led by Real Estate (1.25%) while Telecommunication Services (-1.25%) led the losses.

"The muted showing on Wall Street overnight could weigh on local sentiment, potentially extending STI’s losses yesterday," OCBC noted.

Here's more from the firm:

As before, we peg the initial hurdle at 3100, ahead of 3140; on the downside, we peg the immediate support at 3025, ahead of 3000.

Overall volume rose 33.6% with 2.5b units traded, and total value dipped 9.3% to S$1.1b, while average value/unit fell 32.1% to S$0.43.

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