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Daily Markets Briefing: STI down 0.04%
Don't expect boosts for now.
The Straits Times Index (STI) ended 1.17 points or 0.04% lower to 3216.9, taking the year-to-date performance to +11.67%.
The top active stocks today were UOB, which gained 0.61%, CityDev, which declined 0.53%, Singtel, which declined 0.54%, DBS, which gained 0.20% and Yanlord Land, with a 6.39% advance.
The FTSE ST Mid Cap Index gained 0.08%, while the FTSE ST Small Cap Index declined 0.14%.
According to OCBC Research, US stocks finished lower Thursday, with the Dow snapping a nine-day winning streak as investors found few reasons to chase equities a day after the Federal Reserve indicated it still intends to deliver another rate increase in 2017 and detailed the unwinding of $4.5 trillion balance sheet.
Nine out of eleven S&P 500 industries finished lower, with Consumer Staples at -0.97% and Telecommunication Services at -0.79% leading the declines, whilst Industrials at 0.32% and Financials at 0.20% gained.
"The pullback on Wall Street overnight could weigh on local sentiment today," OCBC said.
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