He said, however, this would be subject to a downgrade after the second quarter corporate earnings reporting season. He said the consensus forecast had only taken into account a 10-percent decline in earnings per share for 2020.
April Lee-Tan, head of research at online stock brokerage COL Financial, said the recent upswing could be difficult to sustain given the bleak earnings outlook. The services, mining/oil and property counter rose by over 2.7 percent, while the industrial counter added 1.55 percent.
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