Daily Markets Briefing: STI down 0.42%
The escalating trade tensions paired with Wall Street’s weakness could mute gains today.
The Straits Times Index (STI) ended 13.3 points or 0.42% lower at 3,147.69.
The FTSE ST Mid Cap Index slipped 3.16%, whilst the FTSE ST Small Cap Index dipped 0.36%.
The top active stocks were DBS which dipped -0.26%, Singtel, which dipped 0.01%, OCBC and UOB, which both decreased 0.06%, and Venture with a 0.23% fall.
OCBC Investment Research noted that US stocks closed lower to retreat for the week after President Donald Trump said the US had tariffs ready to go on another US$267b in Chinese goods, on top of tariffs on US$200b in goods the administration is now preparing.
Nine out of eleven S&P 500 index closed lower, led by Real Estate (-1.30%) and Utilities (-1.20%) while Industrials (0.55%) and Health Care (0.15%) bucked the trend. The index logged 1.03% weekly losses.
“The weakness on Wall Street Friday amidst the escalating trade tensions could continue to weigh on local sentiment today,” OCBC Investment Research said.
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