STI closes 2.2% down following global tech stock slides
Key regional indices such as the Hang Seng, Nikkei 225 and Kospi also end lower
The Straits Times Index (STI) closed 2.2% lower on Friday (November 6), trailing a decline in global tech stocks. The benchmark index fell to 5,179.17 points. Financial heavyweight Satb led the index's gains, climbing 0.5% to S$3.73. Among the losers, Yangzijiang Shipbuilding experienced the steepest 6.5% drop, settling at S$4.35.
Domestic banks DBS, OCBC, and United Overseas Bank (UOB) all ended the day down. The iEdge Singapore Next 50 Index also slipped 0.7% to 1,380.25 points. CapitaLand China Trust was the top riser in the index, up 0.8% to S$0.625, while CSE Global saw the steepest decline, falling 8.9% to S$0.82. The broader market saw more declines than gains, with 202 assets up and 472 down.
Traders moved 1.9 billion securities valued at S$3.2 billion. Oceanus attracted the most attention, with 167.1 million shares traded. DBS was the most actively traded stock by value, with S$669.5 million worth of shares exchanged. Globally, tech stocks fell due to concerns over potential AI regulation following Democrats' victory in the US midterm elections.
The Nasdaq Composite fell 5.5% on Thursday. Analysts at Julius Baer noted that while bipartisan support exists for federal AI rules, state-level actions could pose a risk.
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.
