Daily Markets Briefing: STI down 0.36%

Investors are predicted to still remain cautious.

The Straits Times Index (STI) ended 11.26 points or 0.36% lower to 3126.28 on Wednesday, taking the year-to-date performance to +8.52%.

The top active stocks were DBS, which declined 0.69%; Singtel, which gained 1.35%; UOB, which declined 0.28%; Keppel Corp, which declined 2.64%; and OCBC Bank, with a 0.21% fall.

OCBC Investment Research said the continued weakness on Wall Street overnight due to a lower IBM and oil prices could further dampen local bourse this morning.

Here’s more from OCBC Investment Research:

We expect investors to remain cautious amid intensifying geopolitical jitters and keep the initial hurdle at 3200. Above it, we peg the next resistance at 3250; on the downside, we peg the immediate support at 3150, ahead of 3100.

Overall volume surged 2.6% with 2.6b units traded, and total value jumped 17.8% to S$1.2b, with average value/unit hiked to 15.4% to S$0.45.

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