Singapore Market Focus - DBS Research 2023-04-03: Firm April, Wary May ~ Engaging The Opportunities Post Correction

Singapore Market Focus - Firm April, Wary May ~ Engaging The Opportunities Post Correction

Singapore Market Focus - DBS Group Research | SGinvestors.ioDBS GROUP HOLDINGS LTD (SGX:D05)
  • The STI correction has ended at 3,094, barring the worsening of banking sector instability in Europe and the US. The upcoming XD dates for banks and other index component stocks underpin the STI this month, but uncertainties over inflation, a global economic slowdown, and an end to NIM expansion for banks keep the rebound in check.
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  • Beyond April, we are watchful of the seasonal trend (sell in May) in play post ex-dividend dates.

Singapore Banks stuck sideways.

  • Singapore banks (DBS (SGX:D05), OCBC (SGX:O39), UOB (SGX:U11)) should continue their broad sideways trend in the coming month(s). Banks in Singapore have robust asset-liability management and have well-diversified funding and deposit sources. Near-term banking sector uncertainties have also eased.
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  • Technical analysis suggests the FTSE ST All-Share Financials Index’s downside exceeds the upside at the current level – current: 1,129, resistance: 1,155, support: ~1,110 and 1,031.

Refocus on China’s reopening and recovery.

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Above is the excerpt from report by DBS Group Research.
Clients of DBS may access the full report in PDF @

Kee Yan YEO CMT DBS Group Research | Fang Boon FOO DBS Research | Janice CHUA DBS Research | 2023-04-03

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