Asia-Pacific's leading index erased its year-to-date gains and is now flat in 2023 as bank stocks led declines Tuesday.
On Monday, the Monetary Authority of Singapore said its exposure to failed U.S. banks was "insignificant."
"Banks in Singapore are well-capitalized and conduct regular stress tests against interest rate and other risks," it said, adding that their liquidity positions are healthy and supported by a "stable and diversified funding base."Nomura equity strategists including Chetan Seth reiterated their February call and still expect more gains for the index.
Strategists wrote in a Monday note, "Although we do not think there is any material fundamental impact on Asian stocks from US banking sector issues, there is always risk of some 'skeletons emerging from the closet.'" "We are inclined to believe that these issues will not be systemic to the health of the banking sector," he said.
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