Daily Markets Briefing: STI down 0.66%

Expect some bad news today.

The Straits Times Index (STI) ended 22.61 points or 0.66% lower to 3383.77, taking the year-to-date performance to +0.56%.

The top active stocks were DBS, which declined 1.40%, Singtel, which gained 0.59%, OCBC Bank, which declined 0.66%, UOB, which declined 1.47% and Keppel Corp, with a 0.24% advance.

The FTSE ST Mid Cap Index gained 0.21%, whilst the FTSE ST Small Cap Index rose 0.70%.

OCBC Investment Research noted that US stocks finished lower after failing to defend intraday gains Wednesday as investors struggled to adjust to an investment environment marked by both rising bond yields and signs of inflation.

Eight out of 11 S&P 500 industries finished lower, led by Energy, which fell 1.67%, and Information Technology, 1.37%, whilst Telecommunication Services, which grew 0.30%, and Industrials, which grew 0.27%, led the gains.

"The weakness on Wall Street overnight could weigh on local sentiment today," OCBC said.

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