The Singaporean stock market tumbled on August 21 with the benchmark Straits Times Index (STI) dropping below 3,000 points to 2,972.05 points.
The STI lost 37.74 points from the previous day, or 1.25 percent, bringing its total decline since the end of July up to roughly 6 percent.
Investor fears that the STI would fall below the psychological level in previous trading sessions have finally become a reality while the sell-off has spread across the stock market with 418 slumping stocks outweighing the 83 rising.
Experts considered the STI contraction unusual as Singapore is regarded as a quality and safe market, despite being affected by the sagging global stock markets, such as the United States and Asia, together with the worry about China’s sluggish economy and the slowdown in global trade.
Statistics show that the STI has dropp🌄ed below 3,000 points five times over the past three years and remained under that level for two weeks in mid-November 2012.-VNA
The trade-weighted Singapore dollar (SGD) has not been drastically affected by the devaluation of the Chinese yuan, according to the Monetary Authority of Singpore (MAS).
Singapore’s economy may suffer from negative impacts from China’s move to devalue its currency for three consecutive days on August 11, 12 and 13, experts said.
Regulatory reforms to create more open policies are making the domestic property market more attractive to foreign investors, including those from Singapore.
Singaporean parliament on August 17 passed a bill allowing the country to become a founding member of the China-led Asian Infrastructure Investment Bank (AIIB).
Singapore introduced commemorative currency notes on August 18, comprising a 50 and five 10 Singaporean Dollar notes (SGD) to honour the 50th anniversary of the country’s Golden Jubilee (August 9).
Singapore is piloting a new scheme to allow small- and medium-sized enterprises (SMEs) to employ foreign workers, said the country’s Ministry of Manpower (MOM).
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
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The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Singapore’s stock market tumbles. (Photo: AFP/VNA)
