SINGAPORE (June 29): To date, the best performing REIT since the market made its low on March 23 this year is Frasers Logistics and Commercial Trust (FLCT), which was formerly known as Frasers Logistics and Industrial Trust. The renaming followed its merger with Frasers Commercial Trust on April 24, when it issued 1,130.2 million new FLT units, taking the total number of FLCT units outstanding to 3,392 million units. In 1Q2020, the Australian dollar fell sharply against the Singapore dollar, from 93 cents in Feb to 81 cents on March 21, before rebounding. The Australian dollar is now valued at 96 cents. FLCT’s price performance tracked the Australian dollar closely, making a low of 87 cents on March 23 before rebounding. The REIT may continue to rise in the near term and much depends on the direction of the Australian dollar.

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