Daily Markets Briefing: STI down 0.98%

Investors will remain cautious amidst intensifying geopolitical jitters.

The Straits Times Index (STI) ended 30.94 points or 0.98% lower to 3138.3 on Monday, taking the year-to-date performance to +8.94%.

The top active stocks were Singtel, which declined 0.53%; DBS, which declined 1.00%; OCBC Bank, which declined 0.93%; UOB, which declined 1.10%; and CapitaLand, with a 1.09% fall.

According to OCBC Investment Research, this came as US stocks bounced back to close near session highs, halting three straight sessions of declines for major benchmarks, as banks enjoyed their best daily rally in six weeks.

Meanwhile, all eleven S&P 500 industries ended higher. The best performer was Financials (+1.60%) and the worst performer was Energy (+0.19%).

Here's more from OCBC Investment Research:

The gains on Wall Street overnight could lift local sentiment this morning.

However, we expect investors to also remain cautious amidst 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 shrank 39.9% with 1.3b units traded, and total value fell 24.5% to S$0.7b, with average value/unit gained 24.4% to S$0.56.

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