Daily Markets Briefing: STI down 0.32%

Don't expect gains today.

The Straits Times Index (STI) ended 9.82 or 0.32% lower at 3,068.15.

The top active stocks were DBS, which fell 0.22%, Singtel, which dipped 0.05%, Genting Sing, which slipped 0.01%, UOB, which slid 0.17%, and OCBC, with a 0.09% fall.

The FTSE Mid Cap slipped 1.64% whilst the FTSE Small Cap dipped 0.87%.

OCBC Investment Research (OIR) said that stocks closed sharply lower, with the Dow Jones Industrial Average tumbling 600 points as crude oil prices extended their retreat while a firmer US dollar also sparked worries about the competitiveness of US corporations in an increasingly challenging economic environment.

Ten out of eleven S&P 500 industries ended lower, with Information Technology (-3.54%) and Consumer Discretionary (-2.31%) leading the declines while Real Estate (0.20%) was the sole gainer.

"The continued correction on Wall Street overnight is likely to weigh further on local sentiment today, potentially extending the STI’s decline in the direction of the 3040 immediate support," OIR commented.