Singapore’s STI Has Already Seen Its High for the Year: DBS — Market Talk

0656 GMT [Dow Jones] Singapore’s FTSE Straits Times Index saw its high point for the year as long ago as April, DBS Vickers says. The brokerage argues that the STI’s high of 2960.78 is now in the rear-view mirror for the remaining months of the year, largely due to weak economic fundamentals and a host of other factors. Banks have been weighed by weak quarterly results — as, to a large degree, have many STI component stocks — while rig builders and oil & gas counters are hurt by a persistently weak market and other sectors have their own fundamental problems. DBS Vickers says it is seeing a temporary rebound to a cap of about 2870 points, and recommends buying yield stocks to cope with the weak market. The STI trades flat at 2871.81, Wednesday afternoon. (jake.watts[a]wsj.com; [a]jmwatts_)

 
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