SINGAPORE (Dec 5): Maybank Kim Eng is keeping its “negative” rating on the Singapore banks sector, despite local banks DBS, OCBC and UOB rallying between approximately 8-18% since Donald Trump’s US presidential election victory in Nov.

“Fundamentally, our outlook has not changed,” says Maybank analyst Ng Li Hiang in a Monday report. “In fact, Oct system data further validates our negative view on the sector.”

According to Maybank, Singapore banks’ system loans contracted 2.2% y-o-y in Oct 2016, compared to the same period last year. This has been the longest streak of contraction since 2005.

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