Singapore stocks extended their losing streak on Oct 2, with the Straits Times Index (STI) falling 32.85 points, or 0.6%, to 5,634.82, weighed down by a sharp drop in DFI Retail Group and weakness in two of the three local banks.
DFI Retail was the biggest decliner among STI constituents, tumbling 8.8% to US$3.10. The sell-off came amid concerns over a near-term earnings hit from its restructuring and takeover of the regional Starbucks-licensed business, with DBS lowering its target price for the retailer following the deal.
Banking heavyweights also weighed on the benchmark. DBS slipped 0.2% to S$77.21, while UOB fell 0.5% to S$43.11. OCBC bucked the trend, gaining 0.4% to S$31.66. Thai Beverage was the STI’s top performer, rising 1.2% to S$0.43.
The decline came alongside broader caution across Asian markets as investors grappled with elevated oil prices, volatile global bond yields and uncertainty over the interest-rate outlook ahead of key US employment data. Regional equities were under pressure as higher energy prices revived inflation concerns and Treasury yields remained near multi-decade highs.
Market breadth was negative, with 335 decliners outnumbering 223 gainers. About 1.3 billion securities worth S$2.3 billion changed hands during the session.
