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STI in the red following Singapore GE2020

Thiveyen Kathirrasan & Felicia Tan
Thiveyen Kathirrasan & Felicia Tan7/13/2020 05:00 PM GMT+08  • 1 min read
STI in the red following Singapore GE2020
The Straits Times Index (STI) fell 1.7% to 2,689.61 points as at noon today, from last Monday’s 2,644.9 following the Singapore General Election 2020 held last Friday.
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SINGAPORE (July 13): The Straits Times Index (STI) fell 1.7% to 2,689.61 points as at noon today, from last Monday’s 2,644.9 following the Singapore General Election 2020 held last Friday.

The People’s Action Party (PAP) won 83 seats out of 93 seats in the 14th Parliament of Singapore. The Worker’s Party took home 10 seats, with the win of Sengkang GRC.

The advance GDP estimate for 2Q20 is due to be revealed this week, with headline GDP growth expected to contract 8% y-o-y due to the recent circuit breaker measures from April to June, global recession, and closure of international borders.

Of the 30 constituents, only consumer staples such as Dairy Farm International and Wilmar International as well as, Mapletree Industrial Trust (MIT) and Singapore Exchange Limited (SGX), were in the green.

MIT’s acquisition of a 60% stake in US data centres has made the stock a positive for analysts. SGX recently announced a 74% y-o-y surge in its securities market turnover for June following the reopening of major economies.

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