Daily Markets Briefing: STI down 0.84%

Local bourse could be off to a positive start.

The Straits Times Index (STI) ended 26.45 points or 0.84% lower to 3118.84 on Thursday, taking the year-to-date performance to +8.26%.

According to SGX, the top active stocks were DBS, which declined 1.76%, YZJ Shipbldg SGD, which declined 0.89%, UOB, which declined 1.20%, Singtel, which declined 0.51%, and Keppel Corp, with a 1.73% fall.

OCBC Investment Research said this came as US stocks finished slightly higher after European Central Bank President Mario Draghi left easing measures in place but downplayed deflation concerns.

Meanwhile, five out of eleven S&P 500 industries ended higher, led by Health Care (0.60%) and Energy (0.59%) whilst Real Estate (-1.28%) led the losses.

"The mild recovery on Wall Street overnight could cue the local bourse to a positive start this morning," the brokerage firm said.

Here's more from OCBC:

Following STI’s 0.8% correction in the last session, we peg the initial hurdle at 3150, ahead of 3180 for now; on the downside, we peg the immediate support at 3100 and see the next base at 3060.

Overall volume tumbled 9.9% with 2.3b units traded, and total value fell 12.1% to S$1.0b, whilst average value/unit fell 2.4% to S$0.42.