Daily Markets Briefing: STI down 1.52%

Expect muted gains today.

The Straits Times Index (STI) ended 46.67 or 1.52% at 3,031.39.

The top active stocks were DBS, which advanced 0.10%, UOB, which gained 0.08%, YZJ, which inched up 0.01%, OCBC, which grew 0.09%, and ComfortDelGro, with a 0.08% advance.

The FTSE Mid Cap rose 2.79% whilst the FTSE Small Cap grew 0.75%.

According to OCBC Investment Research, US stocks bounced off intraday lows and major indexes trimmed early losses, but the S&P 500 still finished lower for a fifth session as a big drop in the Chinese market revived fresh questions about the global economy.

Eight out of eleven S&P 500 industries ended lower, led by Energy (-2.67%) and Industrials (-1.60%) whilst Real Estate (0.69%) and Consumer Staples (0.41%) led the gains.

"The correction on Wall Street overnight is likely to weigh on local sentiment today," OCBC Investment Research said.