STI down 1.9% over the week on profit slides and misses

AS THE impact of Covid-19 becomes clearer, with more companies posting earnings declines and misses, the Straits Times Index (STI) on Thursday also fell 43.63 points or 1.7 per cent to 2,529.82. Losers outnumbered gainers 289 to 184, after about 1.99 billion securities worth S$2.97 billion changed hands.

Altogether, the STI has fallen 1.9 per cent over the course of the short trading week.

Among the top losers was Singapore Airlines, which has implemented more measures to slash costs, including bigger pay cuts for the bosses, a 10 per cent salary reduction for other employees and early retirement for pilots and ground staff. Its shares extended their decline, losing S$0.11 or 3.12 per cent to S$3.42 on Thursday.