Daily Markets Briefing: STI down 1.20%

Wall Street’s weakness could mute gains today.

The Straits Times Index (STI) ended 1.20% lower at 3249.48.

The FTSE ST Mid Cap Index declined 0.38%, whilst the FTSE ST Small Cap Index advanced 0.67%.

OCBC Investment Research noted that US stocks closed lower, with the S&P 500 and the Dow Jones Industrial Average down for a fourth straight session as the ongoing turmoil in Turkey dampened investors’ appetite for riskier assets.

Nine out of eleven S&P 500 industries ended lower, led by Energy (-1.20%) and Materials (-1.04%) whilst Utilities (0.09%) and Health Care (0.01%) gained.

“Continued weakness on Wall Street overnight amidst the economic crisis in Turkey is likely to keep local sentiment cautious today,” OCBC Investment Research today.