The Straits Times Index (STI) fell 118 points, or 2.2%, to 5,179 on Friday around midday, reversing gains from the previous session. The decline tracked an overnight sell-off on Wall Street, where AI-related stocks slumped on concerns that Democrats may push for tighter regulation of the AI industry. The STI touched its lowest level since July 1, dragged down mainly by losses in the electronic technology, communication, technology services, and financials sectors.
Banking heavyweight OCBC’s stronger-than-expected Q3 earnings were not enough to buoy the financials, which slipped 0.9%. Major losers included Yangzijiang Shipbuilding (-6.0%), Singapore Technologies Engineering (-5.4%), Keppel (-4.8%), UOB (-2.9%), DBS (-2.3%), and OCBC (-0.5%). For the week, the index is on track for a 3.7% decline, poised for its second consecutive weekly loss.
