Daily Markets Briefing: STI down 3%
Don’t expect gains today.
The Straits Times Index (STI) ended 101.67 or 3% lower at 3,290.62.
The top active stocks were DBS, which crashed 4.33%, UOB, which went down 6.91%, OCBC Bank, which fell 3.93%, CapitaLand, which dipped 1.94%, and Singtel which declined 2.21%.
The FTSE Mid Cap slipped 1.99% whilst the FTSE Small Cap crashed 1.57%.
According to OCBC Investment Research (OIR), US stocks finished lower Monday even in the wake of a dramatic comeback after President Donald Trump threatened over the weekend to increase tariffs on US$200b of Chinese goods, raising fresh fears about a market-disruptive clash between the world’s largest economies.
Ten out of eleven S&P 500 industries ended lower, with Materials (-1.38%) and Industrials (-0.97%) whilst Health Care (0.58%) was the sole gainer.
“Today’s tone is likely to sour further after the news reported that the U.S will plan to raise tariffs on Chinese goods this Friday,” OIR said.
Read Here
Advertise
Sign Up
