Market Forecast
The Singapore stock market has moved lower in seven straight sessions, sinking almost 170 points or 5.3 percent along the way. The Straits Times Index now rests just above the 3,150-point plateau although it's overdue for support on Tuesday.
The global forecast for the Asian markets is cautiously optimistic after heavy selling in the previous week. The European and U.S. markets finished mostly higher and the Asian bourses are expected to follow suit.
The STI finished modestly lower on Monday following losses from the financial shares, property stocks and industrial issues.
For the day, the index lost 19.90 points or 0.63 percent to finish at 3,154.03 after trading between 3,149.22 and 3,172.91.
Local News to Watch
Singapore Beefs Up Retirement, Public Housing Plan Amid Scandals
Singapore Prime Minister Lee Hsien Loong said he will help citizens cope with retirement and homeownership, seeking to refocus the agenda on core issues after controversies involving his ruling party.
The city-state’s political succession plans are also back on track after the pandemic and recent scandals won’t derail it, Lee said in his annual policy speech on Sunday evening. The premier dedicated just a few lines in his hour-long address in English by referencing the “controversial issues.”
“Let me assure you: these incidents will not delay my timetable for renewal,” Lee, 71, said.
“More and more, my task is to support the 4G team and their agenda,” he added, referring to the so-called fourth generation of leaders. “I want to get them off to the best start possible.”
Certificate of Eligibility Not an Endorsement of Tan Kin Lian’S Social Media Posts: PEC
The Presidential Elections Committee (PEC) has clarified that it was not aware of presidential hopeful Tan Kin Lian’s social media posts describing his encounters with “pretty girls” in Singapore, mainly on buses and at Aperia Mall.
Granting a certificate of eligibility to the 75-year-old former NTUC Income chief therefore could not have amounted to an endorsement of his social media posts, it said on Monday (Aug 21) night.
Presidential Hopeful Ng Kok Song Announces Proposer, Seconder and Assenters
NG KOK Song, 75, on Monday (Aug 21) unveiled his team of proposer, seconder and eight assenters, which include former presidential hopeful Mohamed Salleh Marican.
On the eve of nomination day, Ng, the former chief investment officer at GIC announced that his proposer will be Quah Wee Ghee who co-founded global asset management company Avanda Investment Management with him.
Quah is also the former president of Public Markets at GIC and previously served on the boards of OCBC and Bank of Singapore.
Singapore Needs an Independent President to Avoid Real Danger of Groupthink: George Goh
Presidential hopeful George Goh has reiterated his stance that an independent president is necessary to give a fresh perspective on issues, and honed in on the Government’s reserves policy.
In a statement to the press that he shared on social media on Thursday (Aug 17), the 63-year-old entrepreneur wrote: “If everyone involved in shaping our reserves policy is from a small circle of those in power, there is a real danger of groupthink.
“This is already a concern among many people about the political leadership, that they all think alike. If even the president was from this circle, it is doubly dangerous.”
