Sector wise, the worst Singapore-listed performers were energy (down 7.8%), industrials (down 6.9%), basic materials (down 5.8%), healthcare (down 5.1%) and consumer discretionary (down 4.8%). Interestingly, the financials sector was only down 1.7%, outperforming the 2.9% decline for the Straits Times Index, Lee highlights.
Although Singapore equities have been sold down in the last two weeks and are set to head into the third straight month of declines, this is broadly in line with most of the equity markets, OCBC Investment Research analyst Carmen Lee notes in her Oct 25 report.
The benchmark Straits Times Index (STI) was down 4.2% in August, 0.5% in September and is now down 4.2% so far in October. Since the start of the conflict in the Middle East on Oct 7, the STI has shed 2.9%, Lee points out.
