Daily Markets Briefing: STI down 0.62%

Don't expect gains today.

The Straits Times Index (STI) ended 22.23 points or 0.62% lower to 3540.23, taking the year-to-date performance to +4.04%.

The top active stocks were Singtel, which declined 2.56%, DBS, which declined 1.16%, Venture, which declined 0.40%, Genting Sing, which gained 1.54% and OCBC Bank, with a 0.76% fall.

The FTSE ST Mid Cap Index declined 0.56%, whilst the FTSE ST Small Cap Index declined 0.46%.

According to OCBC Investment Research, US stocks fell firmly on Tuesday, with a lengthy winning streak for the Dow coming to an end as a benchmark government bond yield jumped to a multi-year high, challenging appetite for equities compared with climbing rates for risk-free bonds.

Ten out of 11 S&P 500 industries ended lower, led by Real Estate (-1.66%) and Health Care (-1.29%). Energy (0.01%) was the sole gainer.

"The rising benchmark US yields and uncertainty about the US-North Korea summit could weigh on local sentiment today," OIR said.

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