The local banks were the main laggards on the STI due to the effect Fed cuts will have on net interest margins.
Conversely, real estate investment trusts , which are key beneficiaries of reduced borrowing costs, outperformed the broader market. Mapletree Commercial Trust added S$0.07 or 3.3 per cent to S$2.20, while Mapletree Logistics Trust gained S$0.03 or 1.6 per cent to S$1.92. The latter of the two Mapletree Investments sponsored Reits was upgraded by UOB Kay Hian to"buy" with an increased target price of S$2.08.
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