Singapore shares retreated on Thursday morning, with the benchmark index slipping 21 points, or 0.4%, to 5,538 and ending a ten-session winning streak. The pullback came as traders locked in profits after the index notched a fresh record high the previous day.
Sentiment was further weighed down by rising oil prices, which stoked inflation concerns and reinforced expectations of additional interest rate hikes. Weak economic data from China added to the pressure, after figures released on Wednesday showed the country’s economy expanding at its slowest pace in three and a half years.
Losses were led by health services, followed by producer manufacturing, energy minerals, utilities, and consumer non-durables. The decline was partially cushioned by persistent optimism over non-oil export growth: exports are expected to rise 30.2% in June, moderating from 38.4% in May but still supported by strong AI-related demand.
Early decliners included Venture Corp. (-1.4%), Yangzijiang Shipbuilding Holdings (-0.4%), United Overseas Bank (-1.4%), Singapore Technologies Engineering (-1.1%), and Keppel (-1.1%).
