Stocks buckle on first trading day of May, with STI falling 2.3% to 2,563.69
Index in line with most Asian markets' dismal trading as region reports record-low factory output in April.
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THE adage "sell in May and go away" loomed large on the first trading day of the month in Singapore, as the Straits Times Index (STI) bucked last week's upward trend by retreating 60.54 points or 2.31 per cent to close at 2,563.69 points on Monday.
Singapore's market performance was in line with most Asian markets' dismal trading, as several countries in the region reported record-low factory output in April.
Bloomberg reported that the Purchasing Managers' Index (PMI) across South-east Asia contracted further to post their weakest readings since the series began, citing data released by IHS Markit on Monday. India's PMI also dropped to a record low as output crashed amid a 40-day lockdown. Taiwan, Japan and South Korea fell to their lowest levels since 2009.
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