STOCKS | Staff Reporter, Singapore

Daily Markets Briefing: STI down 0.81%

The sharp retreat on Wall Street fueled by trade tensions could mute gains today.

The Straits Times Index (STI) ended 26.56 points or 0.81% lower to 3260.84, taking the year-to-date performance to -4.17%.

The top active stocks today were DBS, which slipped 0.86%, Singtel, which dipped 0.32%, Genting Sing, which fell 2.44%, UOB, which declined 0.34% and OCBC Bank, with a 1.28% fall.

The FTSE ST Mid Cap Index declined 0.78%, whilst the FTSE ST Small Cap Index dipped 0.51%.

According to OCBC Investment Research, US stocks closed sharply lower, with major indexes seeing their biggest one-day drop in weeks and the Dow bearishly closing below a closely watched level for the first time in two years as fresh threats from President Donald Trump against US trading partners underlined how the risk of protectionist policies has not left the market.

Nine out of eleven S&P 500 industries ended lower, with Information Technology (-2.28%) and Energy (-2.20%) leading the fall whilst Utilities (1.65%) and Consumer Staples (0.44%) gained.

"The sharp retreat on Wall Street overnight as trade tensions heightened could spook the STI to another decline today," OCBC Investment Research said.

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