Daily Markets Briefing: STI down 0.33%

Brace for more losses today.

The Straits Times Index (STI) ended 9.61 points or 0.33% lower to 2901.7 on Wednesday, taking the year-to-date performance to +0.66%.

According to OCBC Investment Research, this came as U.S. stocks closed modestly lower, with the Dow industrials and Nasdaq Composite retreating from all-time highs set a day earlier.

Meanwhile, eight out of eleven S&P 500 industries ended lower, with Real Estate (-1.32%) leading the declines while Energy (0.16%) led the gains.

"The weakness on Wall Street overnight could weigh on local sentiment, potentially extending STI’s 0.3% pullback," the brokerage firm said.

Here's more from OCBC:

With today’s tone set to be likely bearish, we could see the index breaking its 2900 immediate support with ease, and head for its 2870 subsequent base.

On the upside, 2935 is the immediate resistance, followed by the 2970 next resistance level.

Overall volume slipped further yesterday, dropping 15.7% to 1.4b units traded, and the total value dipped 20.0% to S$0.8b, while average value/unit fell 5.1% to S$0.56.

The people you want to reach are already in this room.

Every quarter, SBR lands on the desks of the founders, CFOs, and directors running Asia's most consequential companies. Every day, they open our newsletter and read our website. It's a room that took twenty years to build — and it's the one most of our partners are trying to get into.

The good news is that the door is open. We work with companies on thought leadership articles, sponsored content, industry summits across Southeast Asia, regional awards programmes, podcasts, and media placements in print and digital. The shape of the right partnership depends on what you're trying to do, which is why we'd rather start with a conversation than send a rate card.

If you have something this room should know about, tell us. We'll tell you honestly whether we can help, and how.

No rate cards until we understand the brief. It's a better use of everyone's time.

Book a meeting

| Or download the media kit (PDF)

240,000 senior readers quarterly in print Top 1,700 Singapore companies reached

7 markets across Southeast Asia