Following the adjustment on the country’s exchange rate-based monetary policy on Monday (30 March) morning by the Monetary Authority of Singapore (MAS), Singapore stocks started off the morning weaker.
The SGD has been restored to a neutral stance by MAS, allowing the currency to appreciate at a looser rate. Also, for the first time since the global financial crisis in April 2009, the mid-point of the policy band has been lowered.
At 9.03am, the Straits Times Index (STI) slid 60.25 points or 2.4 per cent to 2,468.51.
The traded securities are worth S$83.7 million with volume 46.5 million securities as the losers outstripped gainers 159 to 34.
Singtel was the most active counter, declining S$0.05 or 2 per cent to S$2.52, with 5.1 million shares traded. In addition to this, Comfort Singapore dropped S$0.03 or 4.5 per cent to 63.5 cents, with 3.6 million shares traded. ComfortDelGro Corporation also declined S$0.01 or 0.7 per cent to S$1.54 with 2.1 million shares changing hands.
In early morning trade, banking stocks started off weaker. DBS dropped S$0.66 or 3.5 per cent to S$18.48 whereas UOB fell S$0.49 or 2.4 per cent to S$19.72 on a cum-dividend basis. Also, OCBC slid S$0.20 or 2.3 per cent to S$8.71 on a cum-dividend basis.
Singapore Airlines (SIA) and SATS were also active index counters. SIA dropped S$0.24 or 4 per cent too S$5.84 whereas SATS declined S$0.05 or 1.5 per cent to S$3.33.
Other bourse in Asia, such as Tokyo, saw stocks declining 3 per cent on Monday morning in the wake of a stronger Yen against the USD and coronavirus concerns which affect market sentiments. Topix index slid 3.2 per cent to 1,413.19 whereas the Nikkei 225 fell 3.3 per cent to 18,757.93 in morning trade.
