Singapore Shares Hit Over 3-Week Low Ahead of Inflation Data

2026-04-23 03:00 By Chusnul Chotimah 1 min. read

The STI Index dropped 46 points, or 0.9%, to 4,956 in Thursday morning trading, extending losses from the previous session and touching its lowest level since March 31, ahead of the release of March inflation data later today.

Traders were cautious after the Monetary Authority of Singapore (MAS) tightened monetary policy last week due to a surge in oil prices.

The MAS on April 14 tightened its monetary policy for the first time since 2022, amid rising oil and natural gas prices due to the impact of the Iran war.

The central bank raised its all-items and core inflation forecasts for 2026 to an average of 1.5% to 2.5%, up from an earlier projection of a 1–2% range.

However, a rally on Wall Street overnight capped the decline.

Non-energy minerals, technology services, and consumer durables mainly dragged the index.

Among early losers were Keppel (-3.4%), Singapore Technologies Engineering (-2.6%), Hongkong Land Holdings (-2.4%), Sembcorp Industries (-1.7%), and Venture Corp (-1.5%).



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Singapore Shares Hit Over 3-Week Low Ahead of Inflation Data
The STI Index dropped 46 points, or 0.9%, to 4,956 in Thursday morning trading, extending losses from the previous session and touching its lowest level since March 31, ahead of the release of March inflation data later today. Traders were cautious after the Monetary Authority of Singapore (MAS) tightened monetary policy last week due to a surge in oil prices. The MAS on April 14 tightened its monetary policy for the first time since 2022, amid rising oil and natural gas prices due to the impact of the Iran war. The central bank raised its all-items and core inflation forecasts for 2026 to an average of 1.5% to 2.5%, up from an earlier projection of a 1–2% range. However, a rally on Wall Street overnight capped the decline. Non-energy minerals, technology services, and consumer durables mainly dragged the index. Among early losers were Keppel (-3.4%), Singapore Technologies Engineering (-2.6%), Hongkong Land Holdings (-2.4%), Sembcorp Industries (-1.7%), and Venture Corp (-1.5%).
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Singapore's equities climbed 29 points, or 0.6%, to 5,036 in Wednesday morning deals, extending gains from the previous session and tracking a rise on Wall Street overnight amid hopes over US-Iran peace talks. The FTSE Straits Times Index reached its highest level since February 23, mainly boosted by the services sector, finance, and retail trade. Traders were optimistic that renewed US-Iran peace talks could ease oil supply disruptions, particularly regarding the blockage of the Strait of Hormuz. However, Tuesday's economic data limited the gains, as annual Q1 GDP growth came in below market expectations. Traders also assessed that Singapore's central bank tightened its monetary policy settings on Tuesday. Among early gainers were Sembcorp Industries (1.5%), CapitaLand Investment (1.1%), Mapletree Industrial Trust (1.0%), Oversea-Chinese Banking Corp (0.4%), and UOB (0.2%).
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The Straits Times Index slipped 0.3% to 4,975 on Monday, trimming gains from the previous week and tracking Asian peers lower amid renewed geopolitical concerns following the breakdown of US–Iran peace talks. Over the weekend, the two sides failed to reach an agreement, while US President Donald Trump announced a full naval blockade of the strategically vital Strait of Hormuz, a move that heightens the risk of renewed global market volatility. Despite the modest pullback, Singapore equities remained relatively resilient, with losses milder than those of regional peers and the index still seen as capable of retesting record highs. Support came from a strong Singapore dollar and expectations surrounding the Equity Market Development Programme, which could boost local market inflows. Among individual stocks, losses were seen in DBS Group Holdings (-0.2%), United Overseas Bank (-0.5%), Singapore Exchange (-1.4%), and Hongkong Land Holdings (-1.4%).
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