Daily Markets Briefing: STI down 0.01%

Brace for a pullback today.

The Straits Times Index (STI) ended 0.35 points or 0.01% lower to 3012.77 on Tuesday, taking the year-to-date performance to +4.51%.

The top active stocks today were DBS, which gained 0.16%, Global Logistic, which gained 0.78%, Singtel, which gained 0.26%, CapitaLand, which declined 0.32% and ComfortDelGro, with a 1.61% fall.

According to OCBC, U.S. stocks retreated as investors remained cautious in the wake of President-elect Donald Trump’s charge that a strong dollar is hurting the economy.

Meanwhile, six out of eleven S&P 500 industries ended lower, with Financials (-2.28%) leading the declines while Consumer Staples (1.35%) led the gains.

"The pullback on Wall Street overnight could spark a similar correction in the local bourse," it said.

Here's more from OCBC:

With today’s tone likely to be more cautious, we could see the index sliding back towards its 3000 immediate base.

Below that, we see 2070 as the subsequent base. On the upside, the initial hurdle is pegged at 3040, ahead of 3065.

Overall volume tumbled 30.9% with 1.9b units traded, and total value dipped 4.9% to S$0.7b, while average value/unit gained 37.5% to S$0.39.

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