Daily Markets Briefing: STI down 0.99%

Find out which firms underperformed.

According to KGI Fraser, the STI (3055 pts; -1%) retreated along with regional markets as sentiments turned cautious ahead of the conclusion of the FOMC meeting.

After four days of trending higher, markets took the opportunity to take profits off the table, with commodity and Oil & Gas (O&G) stocks leading the losers, KGI Fraser said.

Here’s more from KGI Fraser:

Noble ($0.535; -4.5%) and Wilmar Int'l ($3.15; -2.5%) gave up most of yesterday's gains, but are still up more than 20% from their lows last month.

Expect range bound trading today ahead of the conclusion of the FOMC meeting and as markets digest the results of index heavyweight OCBC ($9.28; BUY TP $11.44).

Positive news for China's pivotal shift to consumption was Alibaba's 28% surge in online sales in the latest quarter, beating consensus estimates on revenue growth.