More often than not, when a country leader passes away, the stock market will take a hit. As news broke of Singapore’s founding Father, Mr Lee Kuan Yew’s death in the wee hours of Monday morning, the Straits Times Index (STI) only closed 0.07 per cent lower. The STI is the benchmark index, indicative of Singapore’s stock market. In fact, the stock market remained mostly positive.
Mr Lee Kuan Yew had earlier been hospitalized for a long period of time and investors had feared that the stock market will be hit. However, according to most analysts, the impact on the stock market is expected to be minimal.
Maybe it is exactly Mr Lee Kuan Yew’s foresight, steadfastness and strength that Singapore, regarded highly as a financial hub, stands on such firm ground. In fact, according to the CEO of DBS, having such a strong financial market is something that is unique to Singapore.
“Markets are deep and liquid. Our regulations and regulators are well respected. No wonder then, that what in a normal country might cause tidal waves of alarm will go through in the context of Singapore quite smoothly,” he said. (CNA, 23 Mar)
He also said that “There is recognition of the talent depth of this country, there is recognition of the transparency on the non-corrupt nature of the government. There is a recognition of the fact that this country has tenacity and the financial system has endurance. We will go on, we will build on the legacy and there is no doubt in my mind that Singapore will continue to be one of the great global financial centres of the century,”
Mr Lee Kuan Yew’s passing had set a gloom over the nation and it is evident that Singapore had deep love and respect for her founding father. Leaders all around the world has also been leaving condolences messages for Singapore and the Mr Lee’s family.
Will Singapore continue to prosper and hold its ground in the big world after Mr Lee’s era? This remains to be seen but with Mr Lee’s foresight and perseverance in building the nation from third world to first, the future of Singapore looks bright.