The Straits Times Index (STI) has seen many years with dismal returns but the sleepy stereotypical image was dashed on 10 Nov 2020. Thanks to the vaccine announcement, the Singapore stock market came alive and gained almost 100 points or 3.7% in one day!
The fortunes were reversed – the stocks that suffered during Covid-19 bounced up strongly while those that prospered previously were beaten down on 10 Nov 2020. I am not sure if this trend will continue.
Regardless, let’s breakdown the performances by sectors for this historical day.
Aviation and Transport
SIA was probably the most important company for Singaporeans in 2020. Our national pride was in trouble and had to raise money from shareholders to stay afloat. The sovereign wealth fund, Temasek, has also stood by SIA. Retiring aircraft, laying off staff, storing aircraft in the dessert, opening an A380 restaurant, offering training to the public, and redeploying staff to other industries – SIA creatively sought ways to sustain itself through the crisis.
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