STI Sinks to Over 4-Month Low as Bank Stocks Weigh
The Straits Times Index (STI) dropped 39 points, or 0.7%, to 5,231 around noon on Wednesday, falling for a fourth consecutive session, mainly weighed down by banking stocks. The broader index touched its lowest level since July 2, amid disappointing earnings from heavyweight banks. UOB's Q3 net profit soared 182% yoy but missed market expectations. Traders also braced for Q3 earnings reports from banking heavyweights DBS and OCBC, which are scheduled to release their results on Thursday and Friday, respectively. Persistently high oil prices also pressured sentiment, raising concerns over inflation. A downbeat performance in US stock futures further weighed on the index, amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. Among the biggest laggards were UOB (-5.4%), Wilmar International (-1.0%), OCBC (-1.0%), DBS Group (-0.8%), and Singapore Airlines (-0.6%).
The Straits Times Index (STI) dropped 39 points, or 0.7%, to 5,231 around noon on Wednesday, falling for a fourth consecutive session, mainly weighed down by banking stocks. The broader index touched its lowest level since July 2, amid disappointing earnings from heavyweight banks. UOB's Q3 net profit soared 182% yoy but missed market expectations. Traders also braced for Q3 earnings reports from banking heavyweights DBS and OCBC, which are scheduled to release their results on Thursday and Friday, respectively.
Persistently high oil prices also pressured sentiment, raising concerns over inflation. A downbeat performance in US stock futures further weighed on the index, amid concerns over AI regulation following the possibility of a Democratic takeover of both chambers of Congress. Among the biggest laggards were UOB (-5.4%), Wilmar International (-1.0%), OCBC (-1.0%), DBS Group (-0.8%), and Singapore Airlines (-0.6%).