The Singapore dollar extended its decline after the announcement of the new rules. The city’s benchmark stock index bucked Asia’s positive trend to sink as much as 2.6%, the most since June 15, as at 1.41pm local time, with shares of stocks like Singapore Airlines Ltd all retreating.
While the numbers are far smaller than ongoing outbreaks in countries like the US that are charging ahead with opening up, the flareup is a major setback by Singapore standards, as the city-state is one of a handful of “Covid havens” that had previously nearly eliminated the pathogen domestically. Singapore was also scheduled to host the Shangri-La Dialogue early next month and the Davos-based World Economic Forum in August.•Fewer people allowed in shopping malls and showrooms
According to the terms of the agreement, the travel bubble will be closed for two weeks if the seven-day moving average of the daily number of unlinked local cases is more than five in either city. It’s currently just above 2 in Singapore and near zero in Hong Kong.
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