SINGAPORE (Nov 22): UBS is upgrading Singapore equities to “neutral” in its Asia ex-Japan asset allocation, citing Singapore’s resilience due to its defensive nature.

Analyst Lee Wen Ching notes that Singapore equities are a beneficiary of a steepening yield curve with valuations are near decade lows.

“While valuations are inexpensive, we expect the market to trade range-bound in the absence of re-rating catalysts,” says Lee.

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