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 expectations of a 1.4 per cent decline. Singapore's manufacturing, services and construction sectors all recorded declines together for the first time since the Asian financial crisis in 1998.
With the city-state likely headed for its first full-year recession since 2001, the Ministry of Trade and Industry lowered its 2020 growth forecast to a range of…
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Companies & Markets
Gazelle Ventures makes cash offer for No Signboard shares at S$0.0021 apiece
P&G raises annual core profit forecast on resilient demand, price hikes
American Express beats profit estimates on strong spending by wealthy customers
Sheng Siong shareholders press for details on capital allocation, M&A opportunities
Wilmar appoints former minister George Yeo as independent non-executive director
UOB Kay Hian says ‘disadvantageous’ to reveal details of key management’s remuneration