Both Oversea-Chinese Banking Corporation (OCBC) and United Overseas Bank (UOB) have only made single-digit returns since the start of the year. The list is in the table below sorted from worst performers to best performers.
Technically, the Straits Times Index (STI) hasn’t had a day’s rest since June 23 except on July 25. The non-stop ascent has taken the STI from 3,879 to 4,261 as of July 25, and the 21-day Relative Strength Index (RSI) rose from 49, just below its equilibrium line, to a high of 84 before it retreated to 81. RSI, a momentum indicator, has not been at this level for more than five years.
Inevitably, the market needs a rest. But does it? There are some index stocks that have underperformed — names such as Thai Beverage, SATS, Mapletree Industrial Trust, Mapletree Logistics Trust, Venture Corp, WIlmar International, Genting Singapore and even Keppel DC REIT, a star among the S-REITs.
