The Straits Times Index (STI) was down 11.8% in 2020, making it the worst performer in Asia, says PhillipCapital’s head of research Paul Chew in its Singapore strategy report for 2021 dated Jan 5.

The index’s poor performance coincided with Singapore’s worst gross domestic product (GDP) contraction on record of between -6% and -6.5% in the same year.

“The pandemic triggered consensus earnings to be slashed around 27% this year. The worst-hit sectors were the pandemic epicentres of transportation (-30%) and hospitality REITs (-20%). Sectors that managed to clock gains were industrials (+9%), industrial REITs (+10%) and healthcare (+30%),” says Chew.

To continue reading,

Sign in to access this Premium article.

Subscription entitlements:

Less than $9 per month
3 Simultaneous logins across all devices
Unlimited access to latest and premium articles
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)

Stay updated with Singapore corporate news stories for FREE

Follow our Telegram | Facebook