SGX falls 5.8% as initial MAS review group proposals dampen earlier optimism; Citi downgrades stock to ‘sell’

SHARES of Singapore Exchange (SGX) fell as much as 6.3 per cent or S$0.85 to S$12.62 on Friday (Feb 14) as investors were less than impressed with the initial proposals to revive the equities market.

The counter closed at S$12.69, down S$0.78, or 5.8 per cent, on turnover of 7.2 million shares.

Citi Research downgraded its call on the SGX to a “sell” on Friday, as it expects the recent optimism priced into the counter’s valuation to unwind. It also lowered the price target of the stock to S$11.90.