Brokers' Take

Singapore market

DBS Group Research, June 24

IF the outcome is to "leave" the European Union, equity markets will likely react negatively. Still, we expect the Straits Times Index to hold up at around the 2,700 level (11.32 times -1.5 standard deviation FY2016/2017 forecast price/earnings) or worst case 2,630, which remains above the Jan-Feb low of 2,530.