Is there any value left? That depends. Purely on a price-to-book basis coupled with yield, look no further than United Overseas Bank (UOB) and Oversea-Chinese Banking Corporation (OCBC).
The Straits Times Index (STI) is almost at 5,000. Indicators are high, but they have been higher. 21-day Relative Strength Index (RSI) is at 78, which is several notches lower than Sing Holdings, whose 21-day RSI ended at 92 on Jan 23.
Of course, Sing Holdings has fundamentals to back up its sudden sharp surge. The STI, in turn, is likely to reach and breach 5,000 since up-momentum remains intact, before any consolidation or correction materialises.
