THE Straits Times Index (STI) opened lower on Wednesday after Singapore further extended the partial lockdown period by four weeks, but clawed back gains over the day to close just 1.88 points or 0.07 per cent lower at 2,550.04.

About 2.34 billion securities worth S$1.53 billion were traded. Gainers outnumbered losers 235 to 183.

CGS-CIMB has a year-end price target of 2,050 for the STI. CGS-CIMB analyst Lim Siew Khee wrote in a note: "As companies start to update on quarterly progress and give their outlook this week, we believe reality could sink in as a great deal of uncertainty remains in areas such as banks, small caps and cyclicals.