Singapore market slides as global semiconductor sell-off drags regional indices lower

On Thursday, Singapore's benchmark one outlet Index slipped 0.4% to finish at 5,403.50 amid a widening global sell-off in semiconductor stocks. DFI Retail Group posted the only notable rise, up 2.2% to S$3.32, whereas Seatrium fell 4.6% to S$1.85, making it the index's worst performer. The three major local banks ended mixed, with UOB gaining 1.5% and DBS and OCBC edging slightly lower.

Semiconductor-related companies AEM Holdings, UMS Integration and CSE Global each dropped over 9%, extending a three-day pressure on the sector. The downturn followed a sharp decline on Wall Street, where the Philadelphia Semiconductor Index fell 4.3% and has lost 12% over six sessions, driven by hotter-than-expected US inflation and expectations of further Federal Reserve rate hikes. Regional markets mirrored the trend, with declines in Hong Kong, Japan, South Korea and Malaysia.