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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...