The Straits Times Index had an awful week, falling 114 points to end at 2,423. The local market’s performance was highlighted by Bloomberg which reported that the STI was down 25% this year making it the worst-performing Asian equity market. Its underperformance was blamed on the preponderance of cyclicals in the index, that is, banks, property and, of course, REITs. Furthermore, on Oct 30, REITs in general fell because of concerns over a steepening yield curve.

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