Daily Markets Briefing: STI down 2.09%

Find out which firms underperformed.

According to KGI Fraser, world markets went into aggressive risk-off trading last Friday after the U.K. voted to leave the European Union, with the British Pound dropping to its lowest levels in more than 30 years. Gold prices rallied above $1,300 on concerns of the implications of Brexit on global growth.

Asian stock markets were led by the slump in the Nikkei (-8%), Kospi (-3%) and the Hang Seng (-3%) indexes, KGI Fraser said.

Here's more from KGI Fraser:

Fears of political contagion and impact on the already weak European economy caused shares in Europe to drop more than the UK's FTSE 100 (-3.1%), with Germany's Dax (-6.8%), France's CAC 40 (-8%), and Itaty's FTSE MIB (-12.5%) leading the losers.

Similar moves followed in the U.S. market where the S&P 500, DJIA and Nasdaq closed between 3 and 4% lower. Nine of out of the 10 sectors of the S&P 500 closed sharply lower, with only the Utilities sector, a more defensive play, closing in positive territory.

In local markets, the sell down was broad based even for companies without significant exposure to the U.K. With the exception of Capitaland Commercial Trust and HK Land that closed unchanged, the rest of the STI constituents sank between 1 and 5%. Oil and gas stocks, including Vard (-7%), AusGroup (-6%) and Ezra (-4%) led losers in the broader market as oil prices retreated. One of our current top picks, CNMC Goldmine (+6%; BUY TP $0.48), led the gainers in the market.

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