The decline of the Straits Times Index (STI) in late January 2021, after briefly flirting around the 3,000 mark, is “not the beginning of the end,” say DBS Group Research analysts Yeo Kee Yan, Janice Chua and Chung Wei Le.

Instead, the analysts, led by Yeo, see the decline as a “healthy correction” instead of the beginning of a major downturn, with STI support at 2,880 and 2,790 points.

This is due to the continued recovery of Singapore’s manufacturing sector, as well as the falling rates of infection in the US and Europe.

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