Straits Time Index rises by 0.55% in March

UOB KayHian reports that the final performance was helped by improving data points from developed markets.

Sectors that outperformed the FSSTI last month include shipping ((+5.6% mom), technology (+2.9%mom),media (+3.4% mom) and property (+1.9% mom).

The latter's outperformance was driven by interest in potential privatisation plays, including Wheelock Properties, which surged 14.9% mom in March.

However, some of the optimism was tempered by concerns over a potential rise in oil prices due to the geo-political risks in the Middle East.

Here's more from the UOBKayHian report:

"The market is trading at a 2012F PE of 14.0x, which is at a significant 16% discount to its long-term PE mean of 16.6x (since 1993). Given the recent better macroeconomic data points, we see potential for the FSSTI to trade closer to its long-term mean valuation when concerns over the euro zone's debt crisis abate. Investment themes we favour include: a) resilient domestic consumption, b) China demand/consumption beneficiaries, c) M&A, and d) sustainable dividend yield. Our picks include, M1, CapitaLand, Ezion, Ho Bee, Ezra, Olam, First Resources
and Keppel Group."

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