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STI goes into free fall as Singapore announces travel bans

Thiveyen Kathirrasan
Thiveyen Kathirrasan • 2 min read
STI goes into free fall as Singapore announces travel bans
The STI plunged 7.52%, on Monday morning, after Singapore announced it is stopping all short-term visitors – from anywhere in the world – from entering into the country from March 24.
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SINGAPORE (Mar 23): The benchmark Straits Times Index (STI) tumbled 181.33 points, or down 7.52%, on Monday morning, after Singapore announced it is stopping all short-term visitors – from anywhere in the world – from entering into Singapore from March 24. Visitors will also be banned from transiting through the country.

In addition, the Mistry of Manpower (MOM) will restrict the entry and return of work pass holders, including their dependents. Only workers providing essential services, such as in healthcare and transport, will be allowed into the country.

The move, which was triggered by the death of two Covid-19 patients in Singapore on March 21, raises fears that the country's economy -- heavily reliant on tourism and foreign labour -- could plummet into recession.

Over the past two weeks, companies on the Singapore Exchange (SGX) had already found themselves battered relentlessly, on the back of fears of a prolonged coronavirus pandemic.

Notably, a surprise decision by the US Federal Reserve on March 15 to slash interest rates had failed to calm the global financial markets. But now, more central banks have joined in with moves to ease liquidity.

Investors had started fleeing for cover after the World Health Organization on March 11 declared the novel coronavirus (Covid-19) outbreak a pandemic.

Amid the uncertainty stemming from Covid-19 as well as other geopolitical events such as the Saudi-led oil price war which saw the collapse of oil prices on March 9, The Edge Singapore is keeping track of the component stocks on STI, a capitalisation-weighted stock market index that tracks the performance of the top 30 companies listed on the SGX.

This valuation table will be updated at noon each day.

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