Skip to content
Subscriber Only

Singapore’s Stellar Stock Rally Stalls as Virus Cases Jump

  • Benchmark STI retreats this month as local infections rise
  • Gauge has dropped 3% on average in May over the last 10 years
SINGAPORE-HEALTH-VIRUS

Photographer: Roslan Rahman/AFP/Getty Images

Updated on

A rally in one of Asia’s best-performing stock markets is stalling amid rising virus cases at home and a rethink of the global reflation trade.

Second only to Taiwan among Asia’s major benchmarks this year, Singapore’s Straits Times Index has slipped 1% so far in May, paring 2021’s gains to about 12%. The reintroduction of social distancing rules following the emergence of new clusters has weighed on investor sentiment, despite the country having one of the highest vaccine coverage in Asia.