Daily Markets Briefing: STI down 0.68%

Local sentiment may remain cautious.

The Straits Times Index (STI) ended 21.60 or 0.68% lower at 3,171.11.

The top active stocks were DBS, which dropped 1.59%, OCBC, which declined 1.04%, UOB, which dipped 1.38%, Genting Sing, which remained unchanged, and Singtel with a 0.33% advance.

The FTSE Mid Cap fell 3.17% whilst the FTSE Small Cap grew 0.27%.

According to OCBC Investment Research, stocks closed higher in choppy trade as upbeat earnings from corporate heavyweights helped ease lingering worries over global growth and US-China trade tensions.

Nine out of eleven S&P 500 industries ended higher, led by Consumer Staples (1.17%) and Utilities (1.08%), whilst Energy (1%) and Materials (-0.65%) lost ground.

"Despite the mild rebound on Wall Street overnight, we expect the local sentiment to remain cautious today, with global outlook and corporate earnings in focus," OIR said.