Go defensive as UK-exposed stocks slide

Singapore

IT may already be too late to sell off holdings in Singapore stocks with exposure to the United Kingdom but investors can still go on the defensive, analysts said on Friday, adding that yield stocks and those linked to gold prices are likely to outperform in the wake of Britain's vote to leave the European Union.

They also said that, in general, the Singapore market has become less attractive after the "Leave" result, compared with its Asia-Pacific neighbours and other emerging markets, though they noted that it will still take some time for Britain to hammer out the terms of a formal exit from the EU.

Companies listed in Singapore with earnings exposure to the British pound include taxi operator ComfortDelGro, property groups such as GL Ltd, City Developments (CDL), Ascott Residence Trust, CDL Hospital…