SINGAPORE technology manufacturing stocks sank into the red on Thursday (Oct 13), tracking an overall decline among chipmakers worldwide and in the Asia-Pacific region.

This comes as the industry starts to feel the impact of weaker consumer demand and macroeconomic headwinds. Chipmakers around the world have already begun to trade at significantly lower valuations, and that negative sentiment is spreading to Singapore’s shores.

On the Singapore bourse, AEM : AWX 0%, which provides advanced chip testing solutions, was one of the biggest losers. The counter sank to a two-year low on Thursday, falling as much as 14.2 per cent as at 1.21 pm following media reports that Intel, its key customer, is planning job cuts. AEM closed 11.4 per cent or S$0.42 lower at S$3.25.