The benchmark Straits Times Index (STI) slid 1.3% week-on-week to 2,581.66 this morning, after Singapore’s factory output contracted for the second straight month in June.
On July 24, Singapore’s factory output fell 6.7% y-o-y, which fell short of the 2.6% forecast by private-sector economists in a Bloomberg poll.
The rising number of Covid-19 infections reported in the week of July 20, culminating in a count of 513 cases on July 25, and subsequently a slight dip to 481 cases in July 26, has also contributed to investor fears that an economic recovery may not be on the horizon just yet.
Mapletree Industrial Trust (MIT), Mapletree Logistics Trust (MLT), and Ascendas REIT (A-REIT) were the only REITs in the green at 9.8%, 3.9%, and 6.0%, while Jardine Matheson Holdings, Sembcorp Industries, Venture Corporation, and Wilmar International rose 0.2%, 0.6%, 1.3%, and 0.2% week-on-week, respectively.
On the other hand, Keppel Corp, which is reporting its 1H earnings on July 30, dropped 4.4%. It was one of the biggest losers among the index stocks over this period. On July 24, the company had warned that it will be booking “material impairments” for its offshore and marine business for 2QFY2020.
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