Singapore’s stellar stock run stalls as global virus cases jump

Second only to Taiwan among Asia’s major benchmarks this year, Singapore’s Straits Times Index (STI) has slipped about 1% so far in May, paring 2021’s gains to around 13%

SINGAPORE: 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 (STI) has slipped about 1% so far in May, paring 2021’s gains to around 13%. The reintroduction of social distancing rules following a near doubling of new local infections has weighed on investor sentiment, despite the country having one of the highest vaccine coverage in Asia.