Daily Markets Briefing: STI down 0.14%

Wall Street's weakness could weigh down the local bourse today.

The Straits Times Index ended 4.4 or 0.14% at 3,111.12.

The top active stocks were DBS, which advanced 0.02%, UOB, which fell 0.17%, OCBC, which slipped 0.08%, Singtel. Which closed unchanged, and SGX, with a 0.03% fall.

The FTSE Mid Cap slipped 2% whilst the FTSE small cap rose 2.08%.

According to OCBC Investment Research (OIR), US stocks closed sharply lower as a lack of concrete progress toward reducing US-China trade tensions bolstered risk-off sentiment and overshadowed the November employment report.

Ten out of eleven S&P 500 industries ended lower, with Information Technology (-3.53%) and Consumer Discretionary (-3.07%) leading the declines whilst Utilities (0.40%) gained. The index was down 4.60% for the week.

"The continued weakness on Wall Street Friday amidst heightened trade concerns could weigh further on local sentiment, potentially extending the STI’s losses in today’s trading session," OIR said.

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