Broker: DBS
Date of Report: 2026 (latest dated references: 19 Mar 2026, 16 Jan 2026)
Excerpt from DBS report.

Report Summary

• Singapore STI (Straits Times Index) stands out as a potential safe haven in Asia. The report maintains a near-term trading range for STI with support at 4,700–4,760 and resistance at 5,000–5,040. The STI’s recent outperformance and sustained fund inflows reinforce its safe-haven status.
• Sector Focus: Singapore Retail. DBS prefers CapitaLand Integrated Commercial Trust (CICT) over Frasers Centrepoint Trust (FCT) as RTS nears its 2027 launch. CICT has shown stronger year-to-date relative strength.
• Actionable Ideas:
  • Rotate towards de-escalation trades as US mulls Iran exit.
  • Raise exposure to NTT DC REIT.
  • Gold (GLD US) recommended as a hedge; oil (XLE US) as a volatility play; US bonds (AGG US) as a risk ballast; defensive equities (SPLV US) for de-risking.
• Interest Rates Outlook: DBS expects the Federal Reserve to cut by 50bps in 2025 and hold steady at 4% through 2026. Downward pressure on SORA will be limited if the Fed is less compelled to ease policy.
• Implication: Investors are advised to focus on defensive strategies and safe haven plays in Singapore equities, with specific preference for CICT in the retail REIT space, and to consider hedging with gold and de-risking into defensive sectors.

above is an excerpt from a report by DBS. Clients of DBS can be the first to access the full report from the DBS website : https://www.dbs.com.sg/