Singapore stocks drop 1.33% along with regional key indices

SINGAPORE’s stock market was in the red on Monday (Jun 13), alongside most regional key indices that were savaged by fears of bigger policy rate hikes by the United States and China’s possibly re-imposing new lockdowns to stem the coronavirus.

The key gauge Straits Times Index (STI) slid 1.33 per cent or 42.38 points to 3,139.35, with only 3 counters having managed to escape unscathed. Singtel trading cum dividend rose 0.79 per cent to S$2.54, Sembcorp Industries was 0.36 per cent higher at S$2.79, and DFI Retail Group (formerly Dairy Farm International) was flat at US$2.90.

Yeap Jun Rong, market strategist at IG, pointed out that last week’s sell-off has marked a break below a key downward trendline, which has been supporting the STI on at least 7 occasions since November 2020.