SINGAPORE: Singapore stocks slipped on Monday (Feb 24) morning following the Monetary Authority of Singapore’s (MAS) Equities Market Review Group’s announcement of a more detailed set of measures on Friday, Feb 21.
The Straits Times Index (STI) fell 0.16 per cent or 6.32 points to 3,923.62 at 9:10 am, The Edge Singapore reported.
The most actively traded stocks on Monday’s open were Genting Singapore, Thai Beverage, CapitaLand Ascendas REIT, Yangzijiang Shipbuilding, Seatrium, Mapletree Logistics Trust, Singtel, and ST Engineering.
In May last year, Singapore started reviewing proposals to revive the stock market amid concerns about its lagging performance compared to its regional counterparts. However, the STI began climbing in August 2024, when the review group was introduced. Before its announcement on Aug 2, the index was below 3,250 points.
On Feb 17, the index started around 3,890 points and ended at 3,925.56 on Feb 18 after Prime Minister and Finance Minister Lawrence Wong delivered his Budget 2025 speech. It then moved past 3,940 points before stabilising between 3,920 and 3,940 points for the rest of the week.
The latest drop follows the review group’s media briefing on Friday, Feb 21, where it announced its first set of proposals at 8 pm. One key measure is an S$5 billion equity market development programme, in which MAS will invest with selected fund managers. The STI closed 0.06 per cent higher or 2.43 points to 3,929.94 points that day.
Meanwhile, the Equities Market Review Group, led by Second Minister for Finance Chee, set up to revitalise Singapore’s bourse, has faced public scepticism after proposing tax incentives on Feb 13 to attract enterprises and fund managers to list in Singapore. /TISG
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