The Straits Times Index (STI) fell 31 points, or 0.6%, to 5,273 in Tuesday morning trade, extending a two-session losing streak as technology and banking counters came under pressure ahead of earnings releases later this week. Sentiment was further dampened by an overnight decline on Wall Street, driven by continued weakness in US technology shares.
The benchmark touched its lowest level since July 6, with traders turning cautious ahead of earnings from heavyweight banks, which collectively make up about 60% of the STI by weight. UOB will kick off the sector’s reporting season with its third-quarter results on November 4, followed by DBS on November 5 and OCBC on November 6.
Among the notable early decliners were DBS (-2.5%), SATS (-2.5%), Keppel (-1.6%), Group Holdings (-1.1%), OCBC (-0.9%), and UOB (-0.5%).
