SINGAPORE (June 26): Being a small and open economy, Singapore has suffered a brutal hit from the ongoing Covid-19 pandemic. The lockdowns across various countries have stalled tourism, while the state has adopted “circuit breaker” measures in a bid to stem the spread of the virus.

Year to date, the MSCI Singapore Free Index Futures has slumped 20.3% in light of the virus. According to Tan Min Lan, Asia-Pacific head of UBS Wealth Management’s chief investment office, the Singapore economy is “one of the worst performing markets” for the year. Valuations-wise, equities in Singapore are trading at slightly below one time on a price-to-book value basis, similar to the market bottoming during the 2008 Global Financial Crisis.

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