Rising fears of a trade war could weigh local outlook today.
The Straits Times Index (STI) ended 14.32 points or 0.4% lower to 3539.41, taking the year-to-date performance to +4.01%.
The top active stocks were DBS, which gained 0.17%, UOB, which declined 0.59%, Singtel, which declined 0.29%, COSCO SHP SG, which gained 15.73% and Genting Sing, with a 0.89% fall.
The FTSE ST Mid Cap Index declined 0.62%, whilst the FTSE ST Small Cap Index rose 0.31%.
According to OCBC Investment Research, the S&P 500 and Dow industrials finished down for a third session Wednesday as fears of a potential trade war resurfaced after President Donald Trump announced that his administration will seek to trim the U.S.’s trade deficit with China by $100 billion via tariffs.
Nine out of 11 S&P 500 industries ended lower, with Materials (-1.32%) and Consumer Staples (-1.26%) leading the declines whilst Utilities (0.97%) and Real Estate (0.10%) gained.
"The continued weakness on Wall Street overnight, amid rising fears of a trade war, could weigh on local sentiment today," OCBC said.
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