STI Falls to 3-Month Low, Heads for 2nd Weekly Loss
Singapore stocks shed 27 points, or 0.5%, to 5,386 around noon on Friday, extending losses for a third straight session and touching their lowest level since July 8, tracking an overnight decline on Wall Street amid a tech-sector sell-off. Traders were cautious ahead of the release of Singapore's Q3 GDP data next week, following an easing in growth in Q2. Caution also mounted ahead of the release of US inflation data, which will help guide the Fed's monetary policy decision at its upcoming meeting, as well as China's consumer and producer price data amid continued weak domestic demand and rising oil prices. Communication, distribution services, and industrial services mainly weighed on the index, while financials edged higher. Among the biggest laggards were UOB (-1.8%), Space Exploration Technologies (-1.4%), DBS Group (-1.2%), and Jardine Matheson (-0.7%). For the week, the index was heading for a 4.4% plunge, which would mark its second consecutive weekly decline.
5%, to 5,386 around noon on Friday, extending losses for a third straight session and touching their lowest level since July 8, tracking an overnight decline on Wall Street amid a tech-sector sell-off. Traders were cautious ahead of the release of Singapore's Q3 GDP data next week, following an easing in growth in Q2. Caution also mounted ahead of the release of US inflation data, which will help guide the Fed's monetary policy decision at its upcoming meeting, as well as China's consumer and producer price data amid continued weak domestic demand and rising oil prices.
Communication, distribution services, and industrial services mainly weighed on the index, while financials edged higher. 7%). 4% plunge, which would mark its second consecutive weekly decline.