STI Hits 3-Month Low as Finance Stocks Weigh
Singapore's stocks fell 160 points, or 2.9%, to 5,448 around noon on Thursday, extending losses from the previous session and touching their lowest level since July 9, tracking a decline on Wall Street overnight amid higher US Treasury yields. Rising oil prices pressured sentiment, raising concerns over inflation and interest rates. The release of the latest FOMC minutes also pressured the index, after the Fed signalled it could raise rates again this year. Singapore's annual inflation rate rose to 2.3% in August, the highest since July 2024, while the Monetary Authority of Singapore tightened monetary policy last July. Finance, process industries, and transportation mainly weighed on the index, with notable losses from OCBC (-4.9%), HSBC Holdings (-3.5%), DBS Group (-3.4%), Bank Central Asia (-2.8%), and UOB (-2.1%)
9%, to 5,448 around noon on Thursday, extending losses from the previous session and touching their lowest level since July 9, tracking a decline on Wall Street overnight amid higher US Treasury yields. Rising oil prices pressured sentiment, raising concerns over inflation and interest rates. The release of the latest FOMC minutes also pressured the index, after the Fed signalled it could raise rates again this year. 3% in August, the highest since July 2024, while the Monetary Authority of Singapore tightened monetary policy last July.
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