SINGAPORE - Singapore stocks took a beating this week amid the twin uncertainties of the US election and the worsening pandemic in the West, almost replacing Thailand as Asia's worst equity market this year.
A recovery in the South-east Asian nation's stocks from the market plunge triggered by the pandemic has been hampered by the economy's integration with global trade and supply chains, and a lack of technology shares in the index. More than 80 per cent of Singapore's benchmark is made up of cyclical equities - the most among regional peers.
Singapore Airlines and ComfortDelGro are the worst performers on the index this year so far - down 46 per cent and 42 per cent, respectively - after the pandemic battered travel and forced people to stay home. A gloomy outlook for tourism could limit the stock market's re-rating potential, according to Suresh Tantia, an investment strategist at Credit Suisse Group.
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