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Daily Markets Briefing: STI down 2.12%
Expect muted gains today.
The Straits Times Index (STI) ended 72.45 points or 2.12% lower to 3339.7, taking the year-to-date performance to +1.86%.
The top active stocks were DBS, which declined 2.61%, UOB, which declined 2.52%, OCBC Bank, which declined 3.23%, Venture, which declined 4.56% and Singtel, with a 1.48% fall.
OCBC Investment Research noted that U.S. stocks closed sharply higher Wednesday, in the latest example of heavy intraday volatility as investors continued to suss out the likelihood of, or the potential impact from, a trade war between the United States and China.
Ten of eleven S&P 500 industries ended higher, with Consumer Discretionary (1.81%) and Consumer Staples (1.52%) leading the gains. Energy (-0.14%) was the only industry that posted a decline.
“Whilst the strong performance on Wall Street overnight is likely to provide some reprieve to the local sentiment, the recent volatility in the markets will keep investors cautious as they assess the impact of developments in global trade policies,” OCBC said.
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