SINGAPORE (Jan 7): RHB Group Research is bullish on ESR REIT, as Singapore’s industrial sector shows signs of bottoming out.

After seven straight months of decline, Singapore’s Purchasing Managers' Index (PMI), which is used as an indication of manufacturing sentiment, recorded a marginal expansion in December 2019.

The positive turn comes as Jurong Town Corporation (JTC) in its latest 3Q19 report saw industrial rental rates edge up 0.1% y-o-y along with stable occupancy.

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