The Evening Runway with Hongbin Jeong and Chua Tian Tian (4pm - 7pm)Market View: STI’s performance as firms mull Budget announcements, DBS Group holdings reporting uptick in Bitcoin trading Value, iFast’s net profits drops 82%, mixed US CPI report, Outlook for the USD, Rising greenback on Asian central banks’ foreign reserves
Singapore shares fell in early trade today, following Singapore’s Budget announcement yesterday.
If you recall, the latest Budget focused on positioning Singapore for future economic and social growth. Budget 2023 set aside top-ups for business, wages, and household relief schemes this year.
The country’s corporate tax regime has also been adjusted. Similarly, there would also be higher top-end taxes for properties and cars.
Back to the Singapore stock market, The Straits Times Index fell 0.3 per cent to 3,307.64 in early trade after 37.2 million securities changed hands.
The fintech sector made the headlines today with DBS Group Holdings reporting an uptick in Bitcoin trading volume and iFast announcing an 82 per cent decrease in net profit.
On Market View, the Drive Time team unpacked these developments with Jeff Ng, Senior Currency Analyst, MUFG.
