SINGAPORE (Apr 13): As the Monetary Authority of Singapore (MAS) has stepped in to support the local banking sector, Phillip Securities continues to be “overweight” on Singapore banks.

This is because the local banks will be “partially relieved of their burden” placed on the financial system, which has been impacted by the novel coronavirus (Covid-19) pandemic.

The brokerage points out that the risk sharing by the government will allow banks to mitigate risks to asset quality, it adds.

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