Daily Markets Briefing: STI down 0.2%

Find out who the biggest losers were.

According to KGI Fraser, Asian markets returned to calm on Monday even as the British pound continued to weaken to to its lowest level since 1985. The STI recouped early morning losses to close relatively flat at 2730 pts, while the Nikkei (+2.4%) and Shanghai (+1.4%) markets closed higher.

Here’s more from KGI Fraser:

Markets are still trying to digest the implications of Brexit, judging by the mixed closing of the two companies in the STI with the biggest exposure to the U.K.; CityDev (-3.7%) led losers while ComfortDelgro (+0.4%) managed to close positive. CNMC Goldmine (+10%; BUY TP $0.48) continued to outperform the market, reaching its highest levels in more than 3 years.

Given the cautious outlook, REITs and the Telecom sector gained between 1-2% as investors shifted to a more defensive strategy. The chances of a US rate hike by December 2016 has decreased to 15%, from 50% before the Brexit vote, according to Fed fund futures. This could lend further support to gold prices and gold companies like CNMC Goldmine, one of our current top picks.

Also Read

Daily Markets Briefing: STI down 0.7%; Top stock is DBS

Daily Markets Briefing: STI up 0.41%; Top stock is ST Engineering

Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!

I want to download the media kit