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HSBC considers Singapore to stand out in the Southeast Asian market – News


Singapore — Singapore’s stock stands out regionally, according to James Cheo of HSBC Private Banking & Wealth Management, as most of Southeast Asia continues to wrestle with Covid.

Cheo, the company’s chief investment officer in Southeast Asia, told CNBC:Street sign asia” on Wednesday.

He cites improved pandemic management in Singapore as a factor behind this view.The country has begun to ease gradually Social distance measures re-imposed in early May..

In contrast, some other countries in Southeast Asia Suffering from a surge in infectious diseases..

Immunization rates in Singapore are also well higher than those of peers in the region.

As of July 12, 40.47% of Singapore’s population has been fully vaccinated against Covid-19, according to Our World in Data. By comparison, Malaysia was fully inoculated at 11.38% of the population, while Indonesia and Thailand were even lower at 5.5% and 4.74%, respectively.

Beyond improving Singapore’s pandemic management situation, Cheo added that foreign economic data and earnings look “very strong.”

In the second quarter, Singapore Strongest economic growth in 11 years, Rebound from last year Economic downturn.. Absolutely, gross domestic product from April to June this year was still 0.9% below the second quarter of 2019 before the pandemic.

Finance and industry preferences

Cheo emphasized Singapore’s finance and industry as two favorite sectors at the moment.

According to Choi, Singapore’s financial sector companies are “looking interesting” and are expected to perform well with global circulation and economic recovery.

Meanwhile, the industrial sector is set to profit for similar reasons, he added.

“As the economy resumes, you will get more activity in different parts of the economy,” Choi said. “Some real estate will be rehabilitated in Singapore and some in Singapore. I think they could actually be supported as the economy recovers later this year.”

— CNBC’s Yen Nee Lee contributed to this report.

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