Singapore Stocks at Cheapest in Decade Can't Tempt Samsung Asset
- Singapore's Straits Times Index enters bear market after drop
- Commodities trader Noble Group leads slump in this year
It’s too soon to bet on a rebound for Singapore stocks, according to Samsung Asset Management Ltd., which sees little value in the shares even at the widest discount to global equities in more than a decade.
The benchmark Straits Times Index is poised for a 16 percent slide this quarter, the most since the throes of the global financial crisis in 2008. The gauge entered a bear market on Monday after falling 21 percent since its April peak, while the MSCI Singapore Index is already in one. Faltering growth in China and the prospect of higher U.S. interest rates leave shares vulnerable to more losses, according to Alan Richardson, a money manager at Samsung Asset whose Southeast Asian equity fund has beaten 96 percent of peers over five years.