It’s a polar inverse of what happened in 2017 when the Straits Times Index (STI) surged 18 per cent over 12 months in a non-stop bull run. In 2018, the STI plunged 10 per cent instead, as geopolitical uncertainty riddled the market, with investors thrown about almost daily by tweets, tariffs, and news of populism. Further chilling the market was a new round of property measures in July that sent investors selling. Listings slowed to a crawl from S$4.4 billion raised in 2017, to S$730 million raised in 2018, in a dreary year for local equities.
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