“Banks recouped most of their losses in the prior quarter after raising interim dividends by 40%. The best performers were commodity-related names. The largest drags were weakness in electronics and poor sentiment on China’s recovery,” he adds.
PhillipCapital’s head of research Paul Chew is recommending that investors remain cautious on Singapore equities, citing a lack of growth.
Singapore’s equity market was up by a “meagre” 0.4% in the 3Q2023 amid a high-interest rate environment, notes Chew in his Oct 2 report. “Expectations that interest rates will remain elevated for longer triggered a repricing of bond yields and risk assets,” he points out.
