Amid 2Q20 earnings season, CGS-CIMB Research analysts Lim Siew Khee and Jeremy Ng have identified consumer goods, tech, and REITs as outperforming sectors for the month of July, while sectors such as consumer services, property, and oil & gas (O&G) underperformed.

In a report dated July 30, Lim and Ng have maintained their target for the Straits Times Index (STI) at 2,495, still based on 12x CY21F P/E (or price-to-earnings ratio).

While the STI declined 3.1% w-o-w to 2,495.09 on Monday (August 3) afternoon, the index closed 30.79 points higher, or 1.24% up, at 2,515.70 on August 4.

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