Singapore Stocks Fall to More Than 2-Month Low
The Straits Times Index (STI) dropped 23 points, or 0.4%, to 5,399 in Monday morning trade, after rising in the previous session, tracking a decline on Wall Street on Friday amid concerns over inflation and high oil prices ahead of the Fed's monetary policy decision later this week. The broader index fell to its lowest level since July 8, mainly weighed down by the technology, finance, non-energy minerals, and producer manufacturing sectors. Caution also prevailed ahead of the release of September industrial production data, following a surge in August. Traders continued to monitor the Middle East conflict and its impact on oil prices and inflation expectations, although annual inflation eased slightly in September from the previous month. Among the early decliners were SembCorp Industries (-5.2%), Yangzijiang Shipbuilding (-2.1%), SingTech (-1.7%), Ventura Corp (-1.6%), DBS Group (-0.7%), OCBC (-0.5%), and UOB (-0.5%).
The Straits Times Index (STI) dropped 23 points, or 0.4%, to 5,399 in Monday morning trade, after rising in the previous session, tracking a decline on Wall Street on Friday amid concerns over inflation and high oil prices ahead of the Fed's monetary policy decision later this week. The broader index fell to its lowest level since July 8, mainly weighed down by the technology, finance, non-energy minerals, and producer manufacturing sectors. Caution also prevailed ahead of the release of September industrial production data, following a surge in August.
Traders continued to monitor the Middle East conflict and its impact on oil prices and inflation expectations, although annual inflation eased slightly in September from the previous month. Among the early decliners were SembCorp Industries (-5.2%), Yangzijiang Shipbuilding (-2.1%), SingTech (-1.7%), Ventura Corp (-1.6%), DBS Group (-0.7%), OCBC (-0.5%), and UOB (-0.5%).