STI Falls to Over 4-Month Low on Banking Stock Weakness
The Straits Times Index (STI) fell 31 points, or 0.6%, to 5,273 in Tuesday morning trade, extending losses from the previous two sessions, mainly weighed down by technology and banking stocks ahead of the release of earnings reports later this week. A downbeat session on Wall Street overnight also pressured sentiment amid continued declines in tech stocks. The broader index touched its lowest level since July 6, as traders braced for earnings reports from heavyweight banking shares, with UOB set to be the first to release its Q3 results on November 4. Meanwhile, DBS and OCBC will release their results on November 5 and 6, respectively. The banking sector accounted for around 60% of the STI's total weight. Among the early losers were DBS (-2.5%), SATS (-2.5%), Keppel (-1.6%), Group Holdings (-1.1%), OCBC (-0.9%), and UOB (-0.5%).
The Straits Times Index (STI) fell 31 points, or 0.6%, to 5,273 in Tuesday morning trade, extending losses from the previous two sessions, mainly weighed down by technology and banking stocks ahead of the release of earnings reports later this week. A downbeat session on Wall Street overnight also pressured sentiment amid continued declines in tech stocks. The broader index touched its lowest level since July 6, as traders braced for earnings reports from heavyweight banking shares, with UOB set to be the first to release its Q3 results on November 4. Meanwhile, DBS and OCBC will release their results on November 5 and 6, respectively.
The banking sector accounted for around 60% of the STI's total weight. Among the early losers were DBS (-2.5%), SATS (-2.5%), Keppel (-1.6%), Group Holdings (-1.1%), OCBC (-0.9%), and UOB (-0.5%).