At the same time, Chew notes that DBS's outperformance was due to expectations of higher for longer interest rates. Meanwhile, REITs took another knock as interest rate cuts were delayed.
Singapore equities were up 2.1% in April, the second consecutive month of gains with shipping and banks emerging as the biggest gainers for the month, according to a report by PhillipCapital on May 6.
Seatrium rallied in tandem with oil prices and the announcement of a $100 million share buyback, says analyst Paul Chew who was “puzzled” that the company’s move to gear up the balance sheet to purchase shares for the employee share plan and director fees turned out to be a positive thing. Since its announcement on April 29, shares in Seatrium have risen some 3.33% to 9.3 cents as at 11.07am on May 6.
