SINGAPORE (Mar 14): DBS has revised upwards the year-end target for the benchmark Straits Times Index to 3,715, following stronger-than-expected 2017 results.

"Indeed we noted that MSCI Singapore saw the second strongest earnings growth revision among Asian countries after MSCI Hong Kong, based on IBES consensus numbers," says DBS's Singapore strategy team in an Asia equity strategy report released on Tuesday.

DBS believes this was mainly driven by a more optimistic outlook on the global recovery driving Singapore’s economic prospects with global PMI remaining at a high 50’s level. And although there were some signs of moderation, economic activities are expected to remain firm, driven by consumption and investments.

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