The Straits Times Index (STI) fell 39 points, or 0.7%, to 5,231 by midday on Wednesday, extending its losing streak to a fourth straight session, dragged down mainly by banking stocks. The benchmark slipped to its lowest level since July 2, weighed by disappointing earnings from heavyweight lenders.
UOB’s third-quarter net profit surged 182% year-on-year but still came in below market expectations. Market participants were also cautious ahead of third-quarter results from DBS and OCBC, due on Thursday and Friday, respectively.
Sentiment was further dampened by persistently elevated oil prices, which reignited inflation concerns. A weak showing in US stock futures added to the pressure, amid worries over potential AI regulation in the event of a Democratic sweep of both chambers of Congress.
Among the top decliners were UOB (-5.4%), Wilmar International (-1.0%), OCBC (-1.0%), DBS Group (-0.8%), and Singapore Airlines (-0.6%).
