The poor showing is because expectations for rate cuts were overly aggressive in September, with as many as six seen through to 2025, amid the backdrop of weak US economic data points then.
The Singapore market — as measured by the benchmark Straits Times Index — has performed strongly today, rising by around a fifth year-to-date to reach a 17-year high, outpacing nearly every other regional bourse.
The gains were powered by the three banks, which make up half the index’s weightage, and the Singapore Exchange (SGX:S68
) itself, as investors load up in anticipation of a market review now underway. Many other stocks have also hit 52-week or are near their year-highs — but not the REITs, which, as a whole, remain traded at rather depressed valuations of 10% off their lows.
