Singapore market cap snaps 3-month losing streak to gain 3.3% in Oct
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THE total value of Singapore stocks staged a rebound in October as global market sentiment improved.
"A key reason for the overall market improvement is the progress made in containing Covid-19," said Singapore Exchange (SGX) market strategist Geoff Howie, noting that the global 7-day rolling average of daily new confirmed Covid-19 cases continued to decline in October.
"On the global growth front, the IMF October World Economic Outlook only marginally trimmed its global growth outlook for 2021 to 5.9 per cent (from 6.0 per cent in July). The above average 4.9 per cent growth rate for 2022 was kept intact," he added. "Similarly, Singapore GDP is expected to grow between 6.0 per cent and 7.0 per cent in 2021 and remain above trend in 2022."
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