The benchmark Straits Times Index (STI) fell 1.4% to 2534.6 from 2571.55 last week. The decline comes despite the $8 billion stimulus package announced by Deputy Prime Minister and Finance Minister Heng Swee Keat on August 17.

The Singapore dollar also climbed to a six-month high following the fiscal buffer.

See: Singapore dollar hits six-month high after latest stimulus package

However, on August 21, the Ministry of Manpower (MOM) announced that the pandemic has affected the salaries of some 224,800 workers.

The STI saw its steepest decline for the week between August 19 and August 20 when shares in Wilmar International dropped 10% upon news that one of its majority shareholders planned to cut its stake in the group.

See also: Shares in Wilmar International fall 10% after major shareholder plans to cut stake

Read all the STI watch articles here.

sti 24 aug