Daily Markets Briefing: STI down 0.45%

Expect more losses today.

The Straits Times Index (STI) ended 12.68 points or 0.45% lower to 2816.26 on Friday, taking the year-to-date performance to -2.31%.

According to OCBC Investment Research, this came as U.S. stocks ended a volatile session with modest losses, pressured by the surprise announcement that the Federal Bureau of Investigation was restarting a probe into Hillary Clinton’s emails, adding a new dose of political uncertainty into the market.

The firm noted that six of the eleven S&P 500 industries ended lower, led by Health Care sector (-2.18%). On the other hand, Industrials (0.65%) led the gains. The index was up 0.17% for the week.

"Persistent weakness on Wall Street Friday could keep local sentiment depressed, extending the STI’s 0.5% fall," OCBC stated.

Here's more from the firm:

Dec WTI Crude lost US$1.02, or 2.05%, to close at US$48.70/barrel while Dec Brent fell 76 cents, or 1.51%, to end at US$49.71/barrel. For the week, WTI and Brent slipped 4.23% and 4.00% respectively.

Gold for Dec delivery rose US$7.30, or 0.58%, to close at US$1276.80/ounce while Dec Silver was up 16 cents, or 0.89%, to settle at US$17.80/ounce. For the week, Gold and Silver gained 0.72% and 1.73% each.

Overall market breadth continues to remain negative - losers outpaced gainers 1.9 to 1.

Overall volume shrank 19.7% with 1.4b units traded, and the total value jumped 23.1% to S$0.9b; while average value/unit rose by 47.8% to S$0.65.

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