STI rally loses steam as economic realities hit
Singapore's manufacturing, services and construction sectors all record simultaneous declines for the first time since Asian financial crisis
THE recent rally in the Singapore equity market fizzled out on Thursday, as optimism gave way to the harsh reality facing the local economy due to the Covid-19 outbreak.
Before trading commenced, official advanced growth estimates showed a 2.2 per cent contraction in Q1, worse than street expectations of a 1.4 per cent decline. Singapore's manufacturing, services and construction sectors all recorded declines together for the first time since the Asian financial crisis in 1998.
With the city-state likely headed for its first full-year recession since 2001, the Ministry of Trade and Industry lowered its 2020 growth forecast to a range of -4 to -1 per cent.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Keppel Infrastructure Trust posts 29.1% lower Q1 distributable income
Elite Commercial Reit’s Q1 DPU down 21.2% to £0.0067
Airbus called for compensation to take on money-losing Spirit operations: sources
Olam outbids Dreyfus’ sweetened deal for Australia’s Namoi, raises offer to A$0.66 per share
Booking says room reservations to slow amid Middle-East conflict
Deutsche Bank unveils wealth targets after hiring push in Asia