SINGAPORE (May 26): The benchmark Straits Times Index (STI) dipped 1.8% week-on-week to 2534.29 this morning on dented hopes for a Covid-19 vaccine, and global economic uncertainty.
The news also comes on the lowered projections for Singapore’s economy this year. The Ministry of Trade and Industry (MTI) announced a lowered gross domestic product (GDP) forecast of -7% to -4% this year, from its previously estimated contraction of 1% to 4%.
See: Singapore economy faces worst recession since independence with growth expected to fall between -7% and -4%: MTI
The drop this week is an about-turn from last week’s gains on better-than-expected April Nodx numbers.
Last week, the STI fell below its declining 50-day moving average at 2,532, which is a “bearish sign”.
See: Weakness ahead as short-term indicators fall
Deputy Prime Minister Heng Sweet Keat, who is also the Finance Minister, will unveil a fourth round of measures later today, when Parliament sits. The budget, which is known as the Fortitude Budget, will give more support to jobs as the economy slowly opens up.
Amid the uncertainty stemming from Covid-19, The Edge Singapore is keeping track of the component stocks on STI, a capitalisation-weighted stock market index that tracks the performance of the top 30 companies listed on the Singapore Exchange (SGX).
This valuation table will be updated at noon on Monday each week.
Read all the STI watch articles here.
