UBS boosts conviction in Singapore stock market's bull run

SINGAPORE - The Singapore stock market's relatively late entry into bull territory could bode well for its staying power even as the rally in global equities starts to look a bit stretched.

UBS Group became the latest fan of the South-east Asian nation's shares, upgrading its view to overweight in a report Thursday, citing the reopening of global economies, a recovery in oil prices, attractive valuations and the government's ability to contain the damage caused by the coronavirus pandemic.

Global stocks climbed for eighth straight days through Wednesday on optimism for a quick economic recovery from the virus impact. Technical indicators and valuations are flashing warning signs, however, and the possibility of a second wave of infections poses a threat along with renewed US-China tensions and unrest in US cities.

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