Aug wrap-up: Singapore in 5

■ The FSSTI closes Aug 21 at 3,055.05 pts, down 111.89 pts (-3.53%).
■ Rising number of daily Covid-19 cases tests Singapore’s attempts to reopen;
economic data reassuring.
■ We keep our end-2021F FSSTI target at 3,496 pts, based on 0.5 s.d. above
12-year mean P/E of 15.2x.