STI Nears 6-Week Low, Tracks Wall Street Lower

Singapore stocks fell 59 points, or 1.0%, to 5,659 around noon on Tuesday, erasing gains from the previous two sessions and touching their lowest level since August 6. The index tracked a fall on Wall Street overnight, weighed by a semiconductor stock selloff amid concerns over AI investment. Fresh data from China also pressured sentiment, as retail sales growth came in below expectations, investment and house prices continued to decline, and unemployment hit a five-month high, although industrial output growth beat forecasts. Traders also anticipated the Fed’s monetary policy decision this week following faster-than-expected inflation data last week, while concerns over higher oil prices persisted. Consumer non-durables, producer manufacturing, and finance stocks mainly weighed on the index, with the biggest laggards including Jardine Matheson Holdings (-2.8%), UOB (-1.9%), OCBC (-1.9%), Hongkong Land Holdings (-1.1%), and DBS Group (-0.9%).





