In addition, Lim and Ng point to several economic data points that reflect Singapore's ongoing recovery, including 1Q2021 GDP figures and March non-oil domestic exports (NODX) that exceeded forecasts, and private home sales surging 96% y-o-y and 100% m-o-m in March.
The Straits Times Index (STI) closed April up 1.7% m-o-m - its sixth consecutive m-o-m gain - riding on the continued economic recovery, say CGS-CIMB Research analysts Lim Siew Khee and Jeremy Ng Choon Heng.
The analysts note the gain in April followed the US$2 trillion ($2.7 trillion) US infrastructure stimulus package, which could potentially boost global exports.
