A market wish list for 2024
AT THE start of a new year, it is customary to indulge in a spot of wishful thinking about the stock market – perhaps even more so this time, with 2023 proving to be an underwhelming year. The Straits Times Index (STI) closed the year down 0.3 per cent, a loss which would have been worse if not for a sudden push in the final three trading days that added 3.2 per cent.
To be fair, a great deal of the STI’s 2023 underperformance can be traced to the heavy weightage given to the banks and Jardine group within the index.
Bank profits are expected to either stagnate or decline in 2024 with interest rate cuts, while the Jardine stable has also come under pressure because of its exposure to a slowing China that is beset by property market woes.
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