Daily Markets Briefing: STI down 0.43%

Don't expect gains today.

The Straits Times Index (STI) ended 15.46 points or 0.43% lower to 3540.39, taking the year-to-date performance to +4.04%.

The top active stocks were DBS, which declined 1.92%, UOB, which declined 0.28%, Singtel, which declined 1.17%, Genting Sing, which declined 1.65% and OCBC Bank, with a 1.04% fall.

The FTSE ST Mid Cap Index gained 0.07%, whilst the FTSE ST Small Cap Index rose 0.27%.

OCBC Investment Research noted that US stock-market indexes closed sharply lower Tuesday after Federal Reserve Chairman Jerome Powell highlighted the strengthening economy during his congressional testimony, but investors grew jittery that that improvement may prompt the central bank to be more aggressive in tightening monetary policy.

All 11 S&P 500 industries ended lower, led by Real Estate (-2.15%) and Consumer Discretionary (-2.12%).

"The weakness on Wall Street overnight could spark a similar correction in the local bourse today," OCBC said.

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