Daily Markets Briefing: STI down 0.07%

Find out who the biggest losers were.

According to KGI Fraser, the STI (2918pts; -0.07%) was in consolidation mode last week, stemming further losses after the index broke the 3000 psychological support levels in previous sessions.

Despite a rebound in property counters, including Ascendas Reit ($2.29; +3.6% WoW) and CapitaLand ($3.13; +2.3% WoW), profit taking after a weak set of third quarter results saw commodities and O&G stocks being sold down, KGI Fraser said.

Here’s more from KGI Fraser:

On a week-on-week basis, stocks of Noble ($0.415; -6.7% WoW), Yangzijiang ($1.10; -4.8% WoW) and Sembcorp Marine ($2.14; -3.17% WoW; SELL TP $2.07) led the decliners.

With earnings season over and final third quarter GDP numbers to be released on Wednesday (25 Nov), trading activity may continue with situational plays, including NOL ($1.12; +8.7% WoW) that may potentially be sold to France's CMA CGM SA, the world's third largest container shipping company.

Newly listed Jumbo ($0.37; +12% WoW) was also heavily traded, closing almost 50% above its $0.25 IPO price. The negative market sentiments have taken a toll on the 10 Catalist IPOs this year, with six underwater and two relatively unchanged from their IPO prices.