Singapore’s equities eased 7 points, or 0.1%, to 5,462 around midday on Monday, as traders locked in profits after the benchmark index notched a record high in the previous session. The broader market mirrored weakness in US futures ahead of a packed corporate earnings calendar.
Sentiment was further weighed by rising oil prices amid escalating tensions in the Middle East, which rekindled inflation concerns and reinforced expectations of additional interest rate hikes. Investors were also awaiting US inflation figures due later this week for clearer guidance on the Federal Reserve’s policy stance at its upcoming meeting.
Market participants were likewise looking ahead to a raft of Chinese indicators, including Q2 GDP, industrial production, and retail sales, scheduled for release later in the week.
Sector-wise, healthcare, distribution services, consumer durables, and non-energy minerals led the declines. Among the notable early losers were UOL Group, down 3.1%; DFI Retail Group, off 2.7%; Jardine Cycle & Carriage, which slipped 2.1%; and City Developments, also lower by 2.1%.
