Daily Markets Briefing: STI down 0.8%

Find out which firms underperformed.

According to KGI Fraser, major Asian markets tumbled on Monday as another round of poor reading on China’s manufacturing sector renewed worries over the country’s slowing economy.

The STI was no exception as the index fell 0.80% to close at 2,974.41, with decliners (22) outnumbering the gainers (5), KGI Fraser said.

Here’s more from KGI Fraser:

Top decliners include commodities counters such as Golden Agri-Resources (S$0.370; -5.1%), Noble (S$0.480; -5.0%) and Wilmar International (S$3.060; -2.2%).

Gainers include SATS (S$3.840; +1.3%), ComfortDelGro (S$3.070; +1.0%) and ST Engineering (S$3.340; +0.9%). DBS (S$17.25; BUY TP S$20.38) which reported a positive set of numbers yesterday, was also not spared by the poor market sentiment as the bank closed 0.12% lower.

We remain positive on the bank given its strong balance sheet and broad-based revenue drivers.