The Straits Times Index slipped 16 points, or 0.3%, to 4,979 in Thursday morning trade, erasing gains from the previous session. The benchmark pulled back from a three-week high hit on Wednesday, when US futures rallied after US President Trump announced a two-week ceasefire between the US–Israel coalition and Iran.
Sentiment weakened as US futures retreated amid concerns over the fragility of the US–Iran ceasefire. Investors also turned cautious ahead of next week’s monetary policy meeting, with the recent rise in oil prices in March stoking worries about renewed inflationary pressures.
Most sectors traded lower, including non-energy minerals, manufacturing, and retail. Notable decliners included Wilmar International (-2.5%), City Developments (-1.9%), Hongkong Land Holdings (-1.6%), and Singapore Airlines (-1.5%).
