Singapore stocks extended a losing streak for the sixth day, ahead of US inflation data, with the benchmark Straits Times Index (STI) closing at a 19-month low.
The STI fell 1.4 per cent or 42.74 points to close at 3,040.45 on Thursday (Oct 13), the lowest closing level since March 2021.
Just two STI counters ended the day in the black. Emperador rose 1 per cent to close at S$0.485, finishing as the top index performer. Meanwhile, DFI Retail Group slid 5.6 per cent to US$2.21 to end as the biggest STI decliner.
Across the broader market, losers outnumbered gainers 357 to 179 after 1.6 billion securities worth S$1.3 billion changed hands.
Local tech manufacturers were among the biggest losers in the broader market, amid reports that Intel was planning to cut thousands of jobs.
AEM Holdings shares fell 11.4 per cent, while UMS Holdings, Aztech Global and Frencken also slipped between 5 and 6.8 per cent. Some of these counters were also recently downgraded by analysts.
Losses in Singapore mirrored declines across key regional indices in Japan, Shanghai, Hong Kong and South Korea, which fell between 0.3 and 1.9 per cent, as investors awaited inflation data from the US to be released later on Thursday.
IG market strategist Yeap Jun Rong noted that current market expectations are pointing to further moderation in US headline inflation to 8.1 per cent in September, from 8.3 per cent in August, though there could be an uptick in core inflation.
He said: “With equity markets desperately looking for an opportunity for a bounce, matching or coming in below expectations will be looked upon to trigger a relief rally.”
