Singapore shares opened sharply lower, tracking a broad sell-off across global markets after a technology-led rout on Wall Street and renewed geopolitical tensions in the Middle East rattled investor sentiment.
The benchmark Straits Times Index (STI) fell 73.39 points, or 1.45%, to 4,976.57 as at 9.09am, slipping below the key 5,000-point level. Market breadth was decisively negative, with 263 decliners outpacing just 47 gainers, while 174.67 million shares worth S$262.08 million changed hands.
The weak start came after US equities suffered steep losses on Friday, ending Wall Street’s winning streak as investors dumped technology stocks following disappointing semiconductor-related developments and a stronger-than-expected US jobs report that reignited concerns over higher-for-longer interest rates.
Regional sentiment was further pressured by escalating tensions in the Middle East after Israel launched strikes on the Beirut area over the weekend, sending oil prices sharply higher. Brent crude climbed above US$95 a barrel while US crude futures rose past US$93, raising fresh concerns over inflationary pressures and their impact on global monetary policy.
Broader Singapore indices also traded lower in early dealings. The iEdge Singapore Next 50 Index stood at 1,504.86 while the iEdge Southeast Asia+ TECH Index fell to 4,455.88, reflecting weakness in technology-related counters across the region.
In the derivatives market, trading volume reached 39,190 contracts. The Nikkei 225 Index Futures June contract fell to 64,255, while MSCI Singapore Index Futures traded at 454.10, signalling continued caution among investors.
