ST Index snaps losing streak

Market recovery led by banks and property stocks; tech counters come under selling pressure

Published Tue, Mar 20, 2018 · 09:50 PM

THE Straits Times Index (STI) on Tuesday snapped its losing streak, turning around from four days of decline with a 0.43 per cent or 15.02-point increase to 3,513.31.

The recovery was led by financial institutions DBS Group Holdings, OCBC Bank and UOB, and property developers such as City Developments which recently announced a new project launch, The Tapestry, and GuocoLand, which has clinched a new site through an en bloc tender.

What was more notable, however, was a pullback from a bunch of tech counters, following a share price tumble of big technology firms on Wall Street. Overnight on Monday, Facebook suffered the biggest hit, diving close to 7 per cent on reports that a data analysis firm hired by Donald Trump's 2016 presidential campaign had stolen information from Facebook user profiles to design software to predict and influence voters' choices.

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