AEM falls more than 11% as Singapore chip stocks slide
UMS Integration, Frencken and newly listed Mi Material also declined after US technology shares retreated overnight.
Singapore semiconductor shares dropped on Oct 30 following losses in US technology stocks, with AEM trading at S$7.23 by 9.30 am, down more than 11 per cent.
UMS Integration declined over 6 per cent to S$2.04, while Frencken slipped 4.7 per cent to S$2.02. Chip-packaging materials maker Mi Material fell 9 per cent to S$1.63.
Mi Material had stayed at its S$1.80 initial public offering price during its first two trading days, supported by OCBC's open-market purchases to stabilise the shares. Elsewhere in the region, South Korea's Kospi lost almost 5 per cent by mid-morning.
The declines followed a 12.6 per cent fall in Alphabet shares to US$283.82 on Oct 29, the company's steepest one-day drop since its 2004 listing. Its third-quarter revenue of US$127.6 billion fell short of expectations.
US equities had fallen for a second session as investors moved away from artificial intelligence-linked shares amid disappointing earnings. Amazon.com lost 7.3 per cent after reporting increased spending and slower online-business growth. Nasdaq 100 Index futures dropped 2 per cent.
The latest Singapore losses extended a month-long retreat. AEM's month-to-date decline reached 24.8 per cent, compared with 24 per cent for UMS and 22.5 per cent for Frencken.
