Investors should remain cautious today.
The Straits Times Index (STI) ended 0.76 points or 0.02% lower to 3137.54 on Tuesday, taking the year-to-date performance to +8.91%.
The top active stocks yesterday were Singtel, which declined 1.07%; DBS, which gained 0.11%; OCBC Bank, which declined 0.42%; CapitaLand, which closed unchanged; and UOB, with a 0.23% fall.
According to OCBC Investment Research, this came as US stocks closed in negative territory on Tuesday, but off session highs, amid a series of disappointing corporate earnings.
Meanwhile, six out of 11 S&P 500 industries ended lower. The best performer was Consumer Staples (+0.51%) and the worst performer was Health Care (-1.01%).
Here’s more from OCBC:
The weakness on Wall Street overnight could dampen local sentiment.
We expect the 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 97.7% with 2.6b units traded, and total value jumped 39.0% to S$1.0b, with average value/unit dipping 30.4% to S$0.39.
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