Singapore shares fall as global chip rout hits regional markets; STI down 0.4%
The worst performer on the blue-chip index is Seatrium
Singapore's benchmark STI index slipped 0.4% on Thursday, Oct 15, as a deepening global chip rout impacted regional markets. The Straits Times Index fell 19.83 points to close at 5,403.50. Among blue-chip stocks, Seatrium recorded the steepest decline, shedding 4.6% to settle at S$1.85. The other prominent movers included DFI Retail Group, which edged up 2.2% to S$3.32, while UOB gained 1.5% to S$41.69, DBS fell 0.8% to S$73.75, and OCBC dropped marginally 0.03% to S$28.99.
Broader market sentiment mirrored the downtrend, with 455 stocks slipping and 190 climbing during the session. Semiconductor shares, particularly from Singapore, continued to suffer, with AEM Holdings, UMS Integration, and CSE Global posting losses of over 9% each. The turbulence in the semiconductor sector followed a sharp drop on Wall Street, where the Philadelphia Semiconductor Index declined 4.3% in a single day and has lost 12% over six sessions, marking its longest losing streak in 17 months.
The downward pressure was fueled by hotter-than-expected US inflation, which heightened concerns of further interest rate hikes by the Federal Reserve, particularly affecting technology and AI-related stocks. Globally, regional indices also reflected the negative sentiment, with Hong Kong's Hang Seng Index down 1%, Japan's Nikkei 225 falling 4.9%, South Korea's Kospi slipping 7.6%, and Malaysia's FTSE Bursa Malaysia KLCI declining 0.2%.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
