As a virus-induced recession gathers pace, Standard Chartered Bank on Monday lowered its 2020 growth forecast for Singapore to -2 per cent from 0.8 per cent previously.
UOB Kay Hian research analyst K Ajith said:"SIA’s steep decline in stock price to a 21-year low reflects on-going concerns over cash burn and ability to meet debt obligations. Barring an announcement of state support, we believe the stock will continue to underperform the STI." "The sharp sell-off among S-Reits has led to a spike in dividend yields, likely reflecting market concerns around refinancing risks that confronted the sector during the global financial crisis period," wrote equity research analysts at Morgan Stanley on Monday.
Top Glove was one of the few gainers, advancing S$0.07 or 3.6 per cent to S$2.01. With the Covid-19 outbreak expected to escalate further, Citi Research analyst Megat Fais expects the glove maker to record a strong performance in the second half of FY2020.
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