Singapore’s benchmark Straits Times Index tumbled 8.3% in May 2019, amid fresh fears that tensions between the US and China will further develop into a prolonged trade war.

Stocks that suffered the most amid worsening sentiments include those in the oil and gas, banking and property sectors.

DBS has warned that should conditions worsen, Singapore’s 2019 GDP growth could dip to the lower end of the Ministry of Trade and Industry’s forecast at 1.5%.

However amid the worsening sentiments, a handful of Singapore REITs with defensive attributes have gained in terms of unit price, as investors begin to seek refuge from the current investment climate.