Daily Markets Briefing: STI up 1.1%

Expect more gains today.

According to KGI Fraser, the STI opened higher and remained in positive territory for most of the day yesterday.

Riding on the positive momentum, a surge in the China indices in late afternoon lifted sentiments further.

Breaking away from days of losing streak, Genting Singapore (S$0.775; +6.2%) was the top winner in the STI.

Second in place was Hutchison Port (US$0.575; +3.6%), while the 3rd place went to Singapore Airlines (S$10.28; +2.8%).

Here's more from KGI Fraser:

Despite the positive sentiments, the two biggest ytd losers remained in the red. Noble Group (S$0.450; -2.2%) and Golden Agri (S$0.305; -1.6%) remained shunned by investors, even though they have already fallen 60.5% and 33.7% ytd.

US equities advanced overnight, perhaps due to the FOMC effect where stocks rise during FOMC meetings. The positive sentiments may carry on to the Singapore markets, though volumes may remain weak if investors prefer to stay sidelined. Tonight, investors will keep watch on the FOMC announcement, as it may provide cues on the timing and pace of the rate hikes.

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