Market value of Singapore stocks swells in April as funds redeploy cash into blue chips

Analysts note that blue chips will always be the first to move when signs of a recovery occurs

Published Fri, May 1, 2020 · 09:50 PM

Singapore

THE combined value of all Singapore stocks rose in April as funds redeployed the cash they had pulled out during a panicked March into trusty blue chips, though second-liners remained on the backburner.

Singtel, DBS Group, Wilmar, Thai Beverage, OCBC Bank, Frasers Logistics & Industrial Trust (FLT) and United Overseas Bank (UOB) saw their market caps swell the most in April, data compiled by The Business Times show.

Each of them took off after scraping 52-week lows on March 23 when Covid-19 hysteria reached a climax. Macroeconomic headwinds prevail, noted Lim & Tan Securities research analyst Nicholas Yon: "But after a correction, whe…