As at noontime on Nov 2, the Straits Times Index (STI) was trading at 2,439.76, up from 2,431.265 as at 9am on the same day.
Week-on-week, the STI plunged 3.3% from the previous week’s 2,523.31 amid news of returning lockdowns in countries across Europe.
On Oct 28, the governments of France and Germany announced that they will be imposing a second round of nationwide lockdowns, while British Prime Minister Boris Johnson says England will enter a second national lockdown from Nov 5.
The uncertainty of the 2020 US election has also taken a toll on the index. The election is scheduled for Nov 3.
On Oct 30, Singapore stocks overtook Thailand to become Asia’s worst-performing equity market in 2020 after the STI fell some 1% on Friday.
See: Singapore overtakes Thailand to become Asia's worst stock market
On Friday, Singapore’s bank lending figures revealed a dip for the seventh consecutive month in September following a decline in both business and consumer loans.
See also: Singapore's bank lending slows for seventh month in September and Fall in Singapore's total employment and retrenchment improves in 3Q2020
While things appear to be improving in Singapore’s labour market amid the gradual resumption of activities in the country, the situation ahead remains bleak.
The number of retrenchments in 3Q2020 recorded a smaller rise compared to that of the previous quarter’s, but it is still higher than the layoffs seen in previous recessions with the exception of the Global Financial Crisis in 1Q2009.
Of the 30 constituents, only three counters saw gains: Wilmar International, Sembcorp Industries and Dairy Farm International.
Wilmar, on Oct 30, reported record 3QFY2020 core net profit and announced that it will be distributing a special dividend to commemorate the successful listing of its subsidiary Yihai Kerry Arawana (YKA) on the Chinese market. Sembcorp Industries announced the divestment of its water business in Panama, netting the group some $21 million in divestment gains. Analysts remain positive on Dairy Farm amid stable Hong Kong retail sales and multi-year plan to evolve its supermarkets in South Asia.
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