Home Capital Positioning for the recovery

PhillipCapital eyes year-end STI at 3,200

Jovi Ho
Jovi Ho12/24/2020 07:00 AM GMT+08  • 9 min read
PhillipCapital eyes year-end STI at 3,200
“Investors are positioning ahead of the expected normality to pre-Covid-19 economic conditions," says PhillipCapital.
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Stock markets have remained volatile as countries take turns going into lockdowns to curb subsequent waves of the Covid-19 virus, creating near-term economic uncertainty.

However, with a slew of vaccines starting to become available, the war with the pandemic is coming to an end. “Investors are positioning ahead of the expected normality to pre-Covid-19 economic conditions,” says Paul Chew, head of research at PhillipCapital, in an interview with The Edge Singapore.

The Singapore market, which has been beaten down to the lows of around 2,200 points in late March, has since recovered smartly to around 2,800 points in November, and in Chew’s opinion, this recovery has legs. “Our end-2021 target is 3,200 points,” he says.

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