Daily Markets Briefing: STI down 1.28%

Find out which firms underperformed.

According to KGI Fraser, Singapore shares tapered off throughout the day, in line with regional markets, after investors turned their focus back to concerns on fundamental weakness and third quarter results.

The STI (3001.5 pts; -1.28%) closed barely above its psychological support level of 3000 pts, with only UOB ($20.04; +0.2%; HOLD TP$23.60) closing slightly higher, KGI Fraser said.

Here’s more from KGI Fraser:

The REITs Index was weighed down by First REIT ($1.24; HOLD TP$1.31) and Lippo Malls Trust ($0.315; -3.1%), on concerns that they may be moved back to Indonesia.

After rising an impressive 30% since their lows last month, most stocks are just back to where they were in the first half of 2015.

Although this may have been seen as a healthy correction for one of the longest bull markets this century, there are still risks to the fundamental side of the story.

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