Across the broader market, gainers beat decliners 362 to 234, with 2.4 billion shares worth S$3.5 billion transacting
[SINGAPORE] The Straits Times Index (STI) settled lower on Tuesday (Apr 8), bucking the rebound across regional indices.
The STI closed down 2 per cent or 71.03 points at 3,469.47.
The trio of local banks continued to tumble. DBS declined 3.3 per cent or S$1.28 to S$38, and UOB fell 3.3 per cent or S$1.10 to S$32.13.
OCBC was the biggest loser on the benchmark index, decreasing 4.3 per cent or S$0.66 to S$14.81. The top gainer was Sembcorp Industries, settling up 7.6 per cent or S$0.44 at S$6.23.
Across the broader market, advancers outnumbered decliners 362 to 234, with 2.4 billion shares worth S$3.5 billion changing hands.
Most major indices across the region rebounded. The Kospi ticked up 0.3 per cent; the Nikkei 225 rose 6 cent; Hong Kong’s Hang Seng Index gained 1.5 per cent. However, the KLCI shed 0.02 per cent.
The markets have been sensitive to any positive tariff news, with a 3 per cent knee-jerk reaction to a possible 90-day pause, said Yeap Jun Rong, market strategist at IG. This represents a deeply oversold market that could see massive swings on any good news.
As countries begin negotiating with the US over tariffs, some calm has descended on the markets, with the Volatility Index pulling back from its recent high, he added, noting that US tariffs are likely to go into effect as planned and negotiations will take some time, which could translate to some “tough” conditions from the US.
“The ongoing tariff gridlock with China carries the risks for escalation as well, which suggests that the secondary effect of higher tariffs on China on growth will still be felt by trading partners,” said Yeap.
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