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STI plunges 3.1% on continued economic uncertainty

Thiveyen Kathirrasan & Felicia Tan
Thiveyen Kathirrasan & Felicia Tan8/3/2020 01:52 PM GMT+08  • 2 min read
STI plunges 3.1% on continued economic uncertainty
Financial markets continued to limp into the second half of 2020, with the benchmark Straits Times Index (STI) declining 3.1% w-o-w to 2,495.09 on Monday morning.
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Financial markets continued to limp into the second half of 2020, with the benchmark Straits Times Index (STI) declining 3.1% w-o-w to 2,495.09 on Monday morning, after Singapore’s central bank took the unprecedented step of calling banks to cap their dividends for FY20.

Last Wednesday (July 29), the Monetary Authority of Singapore (MAS) has asked DBS, UOB, and OCBC to restrict their dividend payout to 60% of what was paid for in FY19.


See: MAS calls on banks to cap dividends for FY20 to 60% of FY19

On Friday (July 31), MAS released bank lending figures, which declined for the fourth month in June.

See also: Singapore's bank lending continues decline in June

Among the constituents, Singapore Airlines (SIA) saw the largest dip at 8.6% w-o-w following its $1.12 billion in 1Q20/21, which marks the second consecutive quarter of losses from the airline.

See also: SIA plummets into $1.12 bil net loss in 1Q20/21 on continued aviation woes

Keppel Corporation came in second with a 8.1% w-o-w decline after its $537 million net loss in 1H20 after registering an impairment of $930 million.

See also: Impairment of $930 million causes $537 million net loss for Keppel Corp in 1H2020, calls into question Temasek’s partial offer

Of the top gainers, Wilmar International led the way with a 5.6% w-o-w increase, while Venture Corporation rose 5.4% w-o-w.

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