Daily Markets Briefing: STI down 1.26%

But expect some boost today.

The Straits Times Index (STI) ended 39.16 points or 1.26% lower to 3072.47, taking the year-to-date performance to +6.58%.

The top active stocks today were DBS, which declined 3.44%, Noble, which gained 11.68%, OCBC Bank, which declined 3.28%, Singtel, which declined 0.51% and UOB, with a 1.57% fall.

This came as U.S. stocks notched a fourth straight record close Tuesday with a rally in banks after Federal Reserve Chairwoman Janet Yellen signaled that the central bank could gradually raise interest rates sooner rather than later.

Meanwhile, eight out of eleven S&P 500 industries ended higher. The leaders were Financials (1.24%) and Health Care (0.73%) and laggards were Utilities (-0.73%) and real Estate (-0.52%).

"The continued strength on Wall Street overnight could provide some support to the local bourse this morning, especially after STI’s sharp 1.3% pullback yesterday," OCBC said.

Here's more from OCBC:

We peg the initial resistance at 3100, ahead of 3165; on the downside, we continue to peg the immediate support at 3070, if it does not hold, the STI may ease further to 3040.

Overall volume rose 2.0% with 3.3b units traded, and total value climbed 12.3% to S$1.4b, while average value/unit gained 10.1% to S$0.43.

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