The Straits Times Index (STI) gave up its midday gains to close 2.19 points lower, or 0.06% down, at 3,927.75 points on Feb 24, the first trading day after the Monetary Authority of Singapore’s (MAS) equities market review group proposed a slew of measures on Feb 21.
The benchmark index slipped to its intra-day low of 3,923.28 points at open, some 0.17% lower, before rallying to an intra-day high of 3,951.64 points just before 11am.
The STI began falling again after 3pm, closing just 0.11% above its intra-day low.
The most actively-traded STI constituents for the day were Yangzijiang Shipbuilding, Thai Beverage , Genting Singapore , Mapletree Logistics Trust and Singtel.
More broadly, the benchmark index has been rallying since August 2024, when the review group was first unveiled. The STI was trading below 3,250 points prior to the Aug 2 announcement.
The index rallied again last week, starting Feb 17 around 3,890 points and ending Feb 18 at 3,925.56 points after Prime Minister and Finance Minister Lawrence Wong finished delivering Budget 2025.
See also: MAS Review Group’s proposals may boost short-term returns, but will it be sustainable?
The STI surged at its next open above the 3.940-point level, before trading sideways between 3,920 and 3,940 points for the remainder of the week.
The review group held a media briefing on Feb 21 evening, and its first set of proposed measures — which include a $5 billion equity market development programme that will see MAS investing with selected fund managers — were unveiled at 8pm.
The STI had closed at 3,929.94 points on Feb 21, up 2.43 points and 0.06% for the day.
See also: Julius Baer ‘positive’ on equity market proposals, citing similar successes in Japan, South Korea
Read more about the equities market review group:
- Julius Baer ‘positive’ on equity market proposals, citing similar successes in Japan, South Korea (Feb 24)
- Review group's measures can help 'break the inertia' of IPOs vs liquidity, says Clifford Lee of DBS (Feb 23)
- Equities market review group targeting ‘mid-sized but good-sized’ companies to list in Singapore (Feb 23)
- New family offices may contribute $15 billion to local bourse this year, suggests Maybank's Wickramasinghe (Feb 23)
- Proposing equity market changes a ‘balancing act’ that comes with ‘trade-offs’: Chee Hong Tat (Feb 22)
- 'This has definitely made my Friday': Azure's Wong (Feb 22)
- Plenty of overseas liquidity to be tapped amid plan to nudge family office money into local equities: Lang (Feb 21)
- MAS and Financial Sector Development Fund to launch $5 bil programme, adjust GIP to revive Singapore’s equities market (Feb 21)
- ‘Unaddressed elephant in the room’: Reservations about MAS equities market review group’s proposals (Feb 17)
- SGX shares close 5.8% lower after MAS equities market review group’s first proposal (Feb 14)
- MAS’s equities market review group proposes tax incentives as part of measures to boost Singapore’s bourse (Feb 13)
- Revitalising SGX: Beyond liquidity injections (Feb 6)
- ‘Not practical’ to rely on sovereign wealth to support, sustain Singapore equities: Gan Kim Yong (Jan 2)
- SGX Group chairman calls for ‘bold and decisive actions’ to solve stock market’s ‘longstanding issues’ (Jan 2)
- Making the Singapore market great again (October 2024)
- Revitalising Singapore equities market ‘not an easy task’, says Chee Hong Tat (September 2024)
- MAS’s equities market review group holds first meeting, unveils 31 workstream members (August 2024)
- MAS launches review group to strengthen equities market; recommendations to come within a year (August 2024)
