STI dips ahead of Singapore Budget reading

Index opens flat but trended down as investors stay cautious over ongoing virus outbreak

Published Mon, Feb 17, 2020 · 09:50 PM

AHEAD of Tuesday's Singapore Budget reading, investor attention in the city-state remained on keeping count of the rising cases of Covid-19 infections and the economic impact of the outbreak, resulting in a less-than-desirable start to the week.

On Monday, Singapore's Straits Times Index (STI) opened flat but trended down as the session went on, eventually finishing 7.03 points or 0.2 per cent lower at 3,213.

Sentiment also dipped following the downgrade of Singapore's economic forecast for 2020.

That being said, "financial markets are now expecting some serious deficit spending from the government to offset the coronavirus slowdown", Oanda Asia-Pacific senior market analyst Jeffrey Halley said…