Daily Markets Briefing: STI down 0.23%

It's likely to continue losing today, analyst said.

SGX said that the Straits Times Index (STI) ended 7.13 points or 0.23% lower to 3158.57, taking the year-to-date performance to +9.64%.

The top active stocks were DBS, which declined 0.05%, Singtel, which declined 1.50%, UOB, which declined 0.27%, CapitaLand, which gained 0.27% and OCBC Bank, with a 0.10% fall. The FTSE ST Mid Cap Index declined 0.12%, while the FTSE ST Small Cap Index rose 0.11%.

According to OCBC, the sharp retreat on Wall Street overnight could weigh on local sentiment, potentially extending STI’s 2-days losing streaks.

Here's more from OCBC:

With today’s tone likely to be bearish, we could potentially see the index breaching the 3150 immediate support and continue its correction towards the 3100 subsequent key support level.

On the upside, we keep the immediate resistance at 3180, ahead of 3200. Overall volume tumbled further 12.8%, dropping to 1.5b units, and total value fell further 13.2%, easing to S$0.9b, while average value/unit dipped 0.4% to S$0.58.

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