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UBS upgrades Singapore's shares to 'overweight', on reopening of global economies, recovery in oil prices, and attractive valuations

Bloomberg
Bloomberg6/4/2020 07:58 PM GMT+08  • 2 min read
UBS upgrades Singapore's shares to 'overweight', on reopening of global economies, recovery in oil prices, and attractive valuations
UBS Group AG became the latest fan of the Southeast Asian nation’s shares, upgrading its view to overweight in a report Thursday.
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(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.

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