Daily Markets Briefing: STI up 0.69%

Find out which firms underperformed.

According to KGI Fraser, the STI (2923.5; +0.7%) outperformed regional peers as O&G and property counters led the rebound.

In particular, Genting ($0.795; +6%) was the best performer in the index after being sold down more than 10% following its disappointing third quarter results. Genting’s rise yesterday could perhaps be due to short covering given the higher than usual amount of short selling in previous sessions, KGI Fraser said.

Here’s more from KGI Fraser:

In the broader market, investors took the chance to take profit among previous session's top performers, including Nordic ($0.194; -12%), Linc Energy ($0.215; -10%) and Alliance Mineral ($0.087; -5%).

Trading volume has been light this week and we can expect volatility among the small-mid caps on rotational interest.

Despite a sizable contraction in the manufacting sector, Singapore’s economy actually grew much better than initial estimates, with third quarter numbers revised up to 1.9% from 0.1% thanks to a stronger service sector. Reaction in stock markets may be muted given that the MTI has also lowered full year forecast to “close to 2%” from 2-2.5%.