STI Falls to Over 4-Month Low, Set for 2nd Weekly Drop
The Straits Times Index (STI) shed 118 points, or 2.2%, to 5,179 on Friday around noon, after rising in the previous session, tracking a fall on Wall Street overnight due to plunges in AI-related stocks amid worries that Democrats could introduce stricter regulations on the AI industry. The broader index touched its lowest level since July 1, mainly weighed down by losses in the electronic technology, communication, technology services, and financials sectors. However, Q3 earnings reports from banking heavyweight OCBC failed to lift the financial sector, which fell 0.9%, despite the bank posting net profit above estimates. Among the biggest laggards were Yangzijiang Shipbuilding (-6.0%), Singapore Technologies Engineering (-5.4%), Keppel (-4.8%), UOB (-2.9%), DBS (-2.3%), and OCBC (-0.5%). For the week, the index is heading for a 3.7% drop, which would mark its second straight weekly loss.
The Straits Times Index (STI) shed 118 points, or 2.2%, to 5,179 on Friday around noon, after rising in the previous session, tracking a fall on Wall Street overnight due to plunges in AI-related stocks amid worries that Democrats could introduce stricter regulations on the AI industry. The broader index touched its lowest level since July 1, mainly weighed down by losses in the electronic technology, communication, technology services, and financials sectors. However, Q3 earnings reports from banking heavyweight OCBC failed to lift the financial sector, which fell 0.9%, despite the bank posting net profit above estimates.
Among the biggest laggards were Yangzijiang Shipbuilding (-6.0%), Singapore Technologies Engineering (-5.4%), Keppel (-4.8%), UOB (-2.9%), DBS (-2.3%), and OCBC (-0.5%). For the week, the index is heading for a 3.7% drop, which would mark its second straight weekly loss.