STOCKS NEWS SINGAPORE-Index up; headed for 1st week of gain after 4
Singapore shares inched up, on course for their first week of gains after four in the red, outperforming most southeast Asian markets.
Singapore's benchmark Straits Times Index was up 0.3 percent at 3,048.52. It is headed for a 0.6 percent weekly rise, which makes it the second-best performing market in southeast Asia after Thailand.
"Singapore may yet win ASEAN's relative returns race this year as investors seek shelter from macro storms," Citi analysts said in a research note.
Though the Straits Times Index was trading at 14.9 times the earnings, below its mean price-earnings ratio of 15.3, City analysts are concerned about risks from unwinding household debt in Singapore, and preferred stocks exposed to external drivers to domestic names.
Keppel Corporation Ltd, Hongkong Land Holdings Ltd , Wilmar International Ltd, CapitaMalls Asia Ltd and DBS Group Holdings Ltd are Citi's top picks.
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