(June 4): The Singapore stock market’s relatively late entry into bull territory could bode well for its staying power even as the rally in global equities starts to look a bit stretched.
The Straits Times Index entered a technical bull market Wednesday, climbing more than 20% from its March 23 low. While the benchmark gauge is still down more than 15% this year, bullish option bets and record flows in an exchange-traded fund tracking local stocks show sentiment is improving.
UBS Group AG became the latest fan of the Southeast Asian nation’s shares, upgrading its view to overweight in a report Thursday, citing the reopening of global economies, a recovery in oil prices, attractive valuations and the government’s ability to contain the damage caused by the coronavirus pandemic.
