OREANDA-NEWS. Despite tight polling, global markets were surprised by the United Kingdom voting to leave the European Union.

While effects over the past three sessions have been varied in Asia’s stock markets, the major Asian indices have recovered more than half of the declines generated on Friday and Monday.

Over the past three sessions the Hang Seng Index declined 2.2% ,the Hang Seng China Enterprises Index (HSCEI) declined 1.7%, the Nikkei 225 Index declined 1.6%, and the Straits Times Index (STI) declined 1.3% . These returns are based on three day total returns and all based in Singapore Dollars. The Nikkei 225 Index was the biggest swinger over the three sessions and was down as much as 7.9% last Friday (4.1% in SGD terms) which was the biggest daily fall in five years.

As a consequence of the swings, short term volatility gauges rose across Asia. The 10 day volatility gauge for the for the Nikkei 225 Index is currently at 54%, compared to 25% for the HSCEI, 24% for the Hang Seng Index and 16% for the STI.

Over the three trading sessions spanning Friday 24 June to Tuesday 28 June, S$91 million in turnover was traded in structured warrants traded on SGX. The 25 most actively traded structured warrants over the three sessions included warrants on the above four indices. The 25 most active warrants also include the newly issued index put and call warrants on the S&P 500 Index. The S&P 500 index declined 2.5% over the three day period in SGD terms.

Other structured warrants within the 25 most active of the past three sessions included structured warrants based on the share prices of DBS Group Holdings, United Overseas Bank and Keppel Corp. The 25 most active over the three sessions also  accounted for more than 90% of the structured warrant turnover for the period. The 25 structured warrants are tabled