11.06.202602:37:24UTC+00Singapore Stocks Fall to Over 4-Week Low

The STI Index dropped 20 points, or 0.4%, to 4,939 in Thursday morning trade, extending the previous session’s losses and hitting its lowest level since May 9. The decline followed a weak lead from Wall Street overnight, as renewed tensions in the Middle East pushed oil prices higher. Sentiment was further pressured by concerns over stretched valuations in AI-related stocks. At the same time, traders weighed fresh US inflation data, which showed price growth accelerating to its fastest pace in three years, bolstering expectations that the Federal Reserve will keep interest rates elevated for an extended period. The index was dragged lower mainly by retail trade, electronic technology, and energy minerals stocks. Market participants also continued to track developments in the Middle East after the US military said it had completed its latest round of strikes on Iran. Among individual names, notable decliners included Singapore Technologies Engineering (-1.5%), Venture Corp (-1.5%), Singapore Airlines (-1.3%), City Developments (-1.2%), and UOL Group (-1.15%).