“Singapore’s fiscally smart moves would help boost its status as a country offering stocks that give high income and dividend yields,” said Nirgunan Tiruchelvam, head of consumer sector equity research at Tellimer.
Tax changes in Singapore’s budget are positive for certain retail stocks and firms that are reducing their carbon emissions, but some multinational companies, property developers and luxury vehicle stocks emerge as losers.
Finance Minister Lawrence Wong unveiled a budget on Friday that seeks to rebuild Singapore’s finances and chart a post-pandemic future by raising taxes on the wealthy and on consumption. The benchmark Straits Times Index closed 0.4% lower, though in the long term analysts said the budget should offer some support.
