Singapore stocks reduce 3%, As COVID limitations tighten

The government announced the strictness in the Covid-19 restrictions. And probably the air travel bubble with hong kong, it may be overdue again. So, the stocks of  Singapore benchmark reduces 3%.

This pandemic strictly hit the aviation stocks. Because the airlines of Singapore leaped 6.7% and the supplies of an aviation catering and airport ground handling firm SATS reduced by 6.5%

Now the government of Singapore said that possibly the travel bubble with Hong Kong would not start on 26th May. The Singapore to Hong Kong travel bubble will permit the passengers to skip their quarantine. And this faced several delays from its launch date on November 2020 as Hong Kong reported the revival of COVID-19 cases.

Singapore and Hong Kong are both vital Asian Business centres. And the tourism and aviation industries of Singapore and Hong Kong are strongly dependent on international travel. The pandemic has strongly hit the travel business.

The transport minister of Singapore, Ong Ye Kung, claimed that Hong Kong is now a safe area. Because the number of cases detected daily is low. But he also added that the infection rate in Singapore is high. And the condition is not according to meet the threshold to begin the travel bubble.  

 Previously, Hong Kong and Singapore have agreed that the travel plan will be postponed. If the number of unlinked native Covid cases increase five on seven-day moving on average.

On Thursday, the health ministry of Singapore said there are 24 new Covid-19 cases in singapore. However, the health ministry also said that the recent instances of Covid rise to 71 from 48 in the previous week.

Ong said that he talked to Edward Yau, the secretary for Economic Development, about the situations of Covid in Singapore. And both sides will take a wise decision next week about the Air Travel bubble launch.

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