STI Retreats from Record Peak on Profit-Taking

Singapore’s equities dropped 7 points, or 0.1%, to 5,462 around noon on Monday as traders took profits after the index hit a record high in the previous session. The broader market tracked a decline in US futures ahead of a busy corporate earnings week. Rising oil prices also pressured sentiment amid escalating tensions in the Middle East, as inflation concerns fueled expectations of further interest rate hikes. Investors also awaited the release of US inflation data later this week for clues on the Fed’s monetary policy decision at its upcoming meeting. They were also looking ahead to a slew of Chinese data, including Q2 GDP, industrial production, and retail sales, due later this week. Healthcare, distribution services, consumer durables, and non-energy minerals stocks led the declines. Among the early losers were UOL Group, which plunged 3.1%, followed by DFI Retail Group (-2.7%), Jardine Cycle & Carriage (-2.1%), and City Developments (-2.1%).

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