Daily Markets Briefing: STI down 0.79%

Don't expect gains today.

The Straits Times Index (STI) ended 25.75 points or 0.79% lower at 3249.08, taking the year-to-date performance to -4.52%.

The top active stocks were DBS, which fell 1.10%, Genting Singapore, which gained closed unchanged, UOB, which declined 1.45%, OCBC Bank, which slipped 1.99% and Singtel, with a 0.31% fall.

The FTSE ST Mid Cap Index declined 0.58%, whilst the FTSE ST Small Cap Index declined 0.56%.

OCBC Investment Research noted that US stocks snapped a four-session winning streak Wednesday after the Trump administration announced new tariffs on Chinese goods, further escalating tensions between the two largest economies in the world, which some investors fear could morph into a full-on trade war.

Ten out of eleven S&P 500 industries ended lower, led by Energy (-2.15%) and Materials (-1.69%) while Utilities (0.87%) was the sole gainer.           

"The weakness on Wall Street overnight could keep local sentiment cautious today as investors remain fixated on trade tensions," OCBC Investment Research said.