Daily Markets Briefing: STI down 0.55%
Find out which firms underperformed.
According to KGI Fraser, Asian markets (Hong Kong -0.01%; Korea -0.2%; Shanghai +1.8%; Taiwan -0.1%) closed mostly in the red after comments by the U.S. Federal Reserve indicating the possibility of a December interest rate hike.
Chinese stocks however, continued to rally as the Shanghai Composite Index continued its climb, rallying around 20% from its August low. Chinese securities firms were among the big winners as the likes of Huatai Securities, GF Securities and Citic Securities saw gains of at least 6%, KGI Fraser said.
Here’s more from KGI Fraser:
The STI ended the day lower by 0.6% or 16.83 points to close at 3023.65. Decliners include Yangzijiang Shipbuilding (S$1.220; -2.4%), GLP (S$2.230; -2.2%) and DBS (S$17.510; -2.0%) while gainers include SATS (S$3.890; +2.4%) and SIA Engineering (S$3.980; 1.3%).
SIA (S$11.150; +1.2%) also saw gains of 1.2% before announcing a 135% increase in 2Q earnings to S$214mil on Thursday evening.