Broker's Take: UOBAM overweight on consumer staples, real estate, healthcare, IT

UOB Asset Management (UOBAM) on Monday said that its third quarter Singapore equity strategy is overweight on the consumer staples, real estate, healthcare, and information technology sectors.

The financial sector has been raised from slight underweight to neutral; UOBAM also has a neutral position in energy.

Said UOBAM in its quarterly investment strategy report for Q3 2015: "The Singapore market is expected to continue to trade in a range in the quarter ahead, driven by unexciting corporate earnings offset by relatively supportive valuations."

The bank's strategy for Q3 is underweight on consumer discretionary, industrials, and telecommunication services.

As for its global asset allocation, UOBAM said: "After being 'bullish' and overweight equities for over a year, we start the third quarter outlook with a more cautious 'neutral' recommendation on the major asset classes of equities and fixed income. For this quarter we are neutral on equities, fixed income, commodities and cash."