The STI Index fell 70 points, or 1.4%, to 4,980 in Monday morning trading, extending its losing streak to a third consecutive session and hitting its lowest level since May 12. The decline mirrored weakness on Wall Street on Friday, driven by a broad selloff in AI-related stocks.
Sentiment was further weighed down by mounting concerns over renewed geopolitical tensions between the US and Iran, after Iran struck Israel. The incident underscored the fragility of the current ceasefire and raised doubts about the prospects for US–Iran peace talks.
Traders were also cautious ahead of key economic data due later this week, including US inflation figures as well as China’s inflation and trade balance reports.
Nearly all sectors traded lower, with notable weakness in electronic technology, non-energy minerals, commercial services, and process industries. Early decliners included Singapore Technologies (-1.4%), City Developments (-1.3%), Singapore Airlines (-1.1%), and Singapore Telecommunications (-0.7%), while DBS Holdings and Jardine Matheson each lost 0.6%.
