Daily Markets Briefing: STI down 0.24%

Find out who the biggest losers were.

According to KGI Fraser, it was another light trading day in Singapore markets with the STI (2884.7; -0.3%) continuing to consolidate around the 2900 levels.

Losers were led by UOB ($19.25; -1.8%; HOLD $20.88) playing catchup with the other two banks as they reverse all their gains from last month, KGI Fraser said.

Here’s more from KGI Fraser:

On a more positive note, Ascendas REIT ($2.37; +3.5%) has seen a pickup in buying activity and, together with Soilbuild Business Space REIT ($0.775; -1.9%; BUY TP $0.87), have managed to outperform their peers in the REITs sector by 2-4% this week.

Although markets are now expecting a US rate hike next month, should the pace of rate hikes be slower than expected, we may possibly see an upward rerating for Singapore REITs.

On the IPO front, Trendlines ($0.30; -9% from IPO Price) trended lower throughout the first day of its trading session as markets were more focused on rotational interest among other small-caps, including Alliance Mineral ($0.123; 13%), Spackman ($0.162; +7%) and Singapore O&G ($0.78; +9%).