Daily Markets Briefing: STI down 2.2%

YTD performance increased to 0.10%.

According to SGX, the Straits Times Index (STI) ended 76.55 points or 2.2% lower to 3406.38, taking the year-to-date performance to +0.10%.

The top active stocks yesterday were DBS, which declined 1.61%, OCBC Bank, which declined 2.71%, Singtel, which declined 1.72%, Keppel Corp, which declined 4.32% and UOB, with a 2.02% fall.

OCBC added that the U.S. stock market halted its death spiral to close higher Tuesday after a wild day of trading that saw the Dow ricocheting more than 1,000 points, underscoring a new regime of volatility on Wall Street.

"The recovery on Wall Street overnight could lift local sentiment this morning. We peg the initial hurdle at 3475, ahead of 3500. On the downside, we peg the immediate support at 3400, followed by the next support at 3365. Overall volume rose 32.9%, with 3.8b units traded, and total value jumped 61.4% to S$2.8b, while average value/unit rose 21.4% to S$0.75," OCBC said.

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