Singapore stocks retreat as bank sell-off snaps STI’s two-day winning streak

[SINGAPORE] Singapore stocks ended lower on Thursday (Jun 4), snapping a two-day winning streak as the three local banks retreated from recent highs.

The benchmark Straits Times Index (STI) fell 1.4 per cent, or 70.71 points, to 5,067.53.

This was as the local banks all finished in the red. DBS fell 1.4 per cent or S$0.91 to S$64.14, OCBC lost 2.2 per cent or S$0.53 to end at S$24, and UOB slipped 1.3 per cent or S$0.49 to S$38.31.

Mapletree Logistics Trust was the top performer among the STI constituents, rising 0.8 per cent or S$0.01 to S$1.19.

At the other end of the index, Yangzijiang Shipbuilding was the biggest decliner, falling 3.4 per cent or S$0.12 to S$3.46.

Across the broader market, losers outnumbered gainers 386 to 207, after 1.6 billion securities worth S$1.9 billion changed hands.

Regional markets were mostly weaker. Malaysia’s FTSE Bursa Malaysia KLCI gained 0.6 per cent, but Hong Kong’s Hang Seng Index fell 1.5 per cent, Japan’s Nikkei 225 declined 1.4 per cent and South Korea’s Kospi lost 1.8 per cent.

In the United States, futures pointed to a weaker open, with the global benchmark S&P 500 on track to snap a nine-day winning streak after futures on the benchmark index fell 0.7 per cent.

This was as “heightening geopolitical tensions, tariff uncertainties and robust economic metrics (lifted) inflation expectations”, said Jose Torres, a senior economist at Interactive Brokers, in a Thursday note.

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Singapore stocks end higher as DBS, OCBC hit fresh highs; STI up 0.8%

He added: “Investors are reacting to the plethora of developments by trimming equities across the four major benchmarks and most of the Magnificent Seven names, although eight of the 11 principal stock sectors are gaining after the Nasdaq 100 briefly hit a fresh record in the first five minutes following the opening bell (on Jun 3).”

This article has been written with the assistance of AI and reviewed by a reporter