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Mandate for Singapore post-elections may bode well for nascent rebound for stock market

Bloomberg
Bloomberg7/3/2020 09:34 AM GMT+08  • 3 min read
Mandate for Singapore post-elections may bode well for nascent rebound for stock market
A new mandate to govern Singapore during the pandemic can bode well for the nascent rebound in the nation’s US$383 billion ($533.83 billion) stock market.
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(July 3): A new mandate to govern Singapore during the pandemic can bode well for the nascent rebound in the nation’s US$383 billion ($533.83 billion) stock market.

Shares of companies tied to the government’s efforts to restore the economy and make it more resilient and digitized are set to benefit. Stocks such as Singapore Telecommunications Ltd., City Developments Ltd., Singapore Technologies Engineering Ltd. and some real estate trusts are emerging as top bets from financial institutions such as Citigroup Inc. and Bank of Singapore Ltd.

Singapore equities have recovered more than a third of coronavirus-induced losses amid government stimulus and a reopening of the economy, and analysts are expecting the winner of the election on July 10 to take more steps in the same direction. While still a laggard in the region this year, the Straits Times Index is projected to rise about 12% over the next 12 months, according to analysts surveyed by Bloomberg.

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