STI down 2.9% amid tighter restrictions, possible air travel bubble delay

SINGAPORE stocks slipped into negative territory during afternoon trade on Friday, with the Straits Times Index (STI) dropping 2.9 per cent or 90.88 points to 3,032.38 as at 2.28pm.

The index tumbled after Singapore's multi-ministry task force on Covid-19 announced new restrictions which will be in effect from Sunday until June 13. It was also announced that the planned air travel bubble between Singapore and Hong Kong that was due to start on May 26 may be delayed further.

All STI counters were trading in the red, except for Keppel DC Reit, which was up 0.8 per cent or S$0.02 to S$2.58 by 2.45pm.

The most active counter by volume at that time was Genting Singapore, which dropped 3.1 per cent or 2.5 Singapore cents to 78.5 cents, with 64.4 million shares changing hands.

This was followed by Thai Beverage Public Company, which was down 5 per cent or 3.5 Singapore cents to 66 cents, with 56.5 million shares traded.

DBS was down 1.1 per cent or S$0.31 to S$29.19, UOB lost 3.3 per cent or S$0.87 to S$25.22, while OCBC declined by 2.3 per cent or S$0.28 to S$11.75.

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National carrier Singapore Airlines was down 6.5 per cent or S$0.31 to S$4.46, while transport operator ComfortDelGro decreased by 3.1 per cent or S$0.05 to S$1.58.

The new measures came shortly after the coronavirus cluster at Changi Airport became the largest in Singapore with 46 cases.

Restrictions include only allowing people to gather in groups of two instead of five and banning dining-in altogether. Capacity limits for events, attractions, shopping malls and libraries will also be reduced.