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STI rebounds after Monday's sell-off
Index closes at 3,312.52, up 21.90 points; most Asian markets end higher except South Korea and Japan
Published Tue, May 7, 2019 · 09:50 PM
KNEE jerk reactions by investors are often followed by a market recovery the next day, with Tuesday's session in Singapore being no different.
The local market was pummelled on Monday after US President Donald Trump said he would raise tariffs on Chinese goods.
Even though market watchers said that the local market was not oversold, the STI fell by more than three times its average daily range of around 30 points. This led Ernest Lim, a remisier, to say that the "knee-jerk reaction was larger than expected".
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