Daily Markets Briefing: STI down 0.42

Don't expect much gains today.

The Straits Times Index (STI) ended 12.55 points or 0.42% lower to 3000.22 on Wednesday, taking the year-to-date performance to +4.08%.

The top active stocks today were DBS, which declined 0.82%, Singtel, which declined 1.31%, UOB, which declined 0.95%, OCBC Bank, which declined 1.28% and Global Logistic, with a 0.39% advance.

This came as the Dow industrials closed at the lowest level of 2017, marking a fourth straight day in the red for the blue-chip gauge, but the broader stock market managed modest gains, according to OCBC.

Meanwhile, six out of eleven S&P 500 industries ended higher, led by Financials (0.79%) while Telecommunication Services (-0.77%) led the declines.

"The mixed showing on Wall Street overnight is unlikely to provide much of a boost to the local bourse today," OCBC said.

Here's more from OCBC:

With today’s tone likely to remain cautious, we could see the index testing its 3000 immediate base. A break of which could send the index easing towards 2770.

On the upside, the initial hurdle is pegged at 3040, ahead of its subsequent base at 3065.

Overall volume tumbled further, dropping 18.7% to 1.6b units traded, while total value rose 38.1% to S$1.0b, and average value/unit surged 69.8% to S$0.66.