Daily Markets Briefing: STI down 0.54%

Don't expect gains today.

The Straits Times Index (STI) ended 17.83 points or 0.54% lower at 3307.15, taking the year-to-date performance to -2.81%.

The top active stocks today were DBS, which declined 1.55%, UOB, which declined 1.24%, Singtel, which gained 0.63%, SIA, which declined 1.17% and OCBC Bank, with a 1.20% fall.

The FTSE ST Mid Cap Index declined 0.17%, while the FTSE ST Small Cap Index remained unchanged.

According to OCBC Investment Research, an unravelling of popular technology bets, marked by a third straight session in the red, helped to push the tech-laced Nasdaq Composite Index to its lowest close in more than three weeks.

Seven out of eleven S&P 500 industries ended lower, led by Information Technology (-1.78%) and Industrials (-0.94%) while Telecommunication Services (1.95%) and Energy (0.84%) led the gains.

"The retreat in US stocks overnight could keep local sentiment cautious today," OCBC Investment Research noted.

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