Jean-Louis Nakamura, the Asia-Pacific chief investment officer at Lombard Odier, believes"the worst for markets may be behind us, at least in terms of extreme dislocations", but conditions for a sustainable rebound have yet to be reached.
Among the gainers on the STI was Yangzijiang Shipbuilding, which edged up S$0.01 or 1.3 per cent to S$0.81, after it secured a US$1.15 billion contract to build up to 10 vessels. Yangzijiang said the deal will see its yards utilised at a healthy rate and aid in providing a stable income stream for at least the next two years.
DBS Group Research on Tuesday cut its target prices for OCBC and UOB on heightened credit costs and margin pressures amid the Covid-19 outbreak, following the US Federal Reserve's largest rate cut since 2008's Global Financial Crisis. The research house has a price target of S$8.60 for OCBC and S$19.00 for UOB.
On Tuesday, the iEdge S-Reit Index, which tracks all property trusts listed in Singapore, fell 64.22 points or 5.6 per cent to 1,087.88.
Source: News Formal (newsformal.com)
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