Singapore tech shares fall as STI loses 2.3% in early trading
AEM and UMS Integration posted steep declines after the Nasdaq fell 5.52 per cent amid concerns about tighter US artificial intelligence regulation.
Singapore’s Straits Times Index (STI) dropped 120.51 points to 5,175.74 at 9.04 am on Nov 6, a decline of 2.3 per cent, as technology shares sold off. Every counter in the benchmark was lower.
At 9.07 am, AEM was trading at S$5.78 after losing 9.3 per cent, while UMS Integration fell 8.4 per cent to S$1.63. Frencken declined 7.6 per cent to S$1.70, and CSE Global was down 6.7 per cent at S$0.84.
The losses followed a 5.52 per cent decline in the Nasdaq Composite. Investors were concerned that the Democrats’ US midterm election victory could bring tighter regulation of artificial intelligence. The Nasdaq was more than 10 per cent below its Oct 6 record close, putting it in correction territory.
Democratic control of both congressional chambers raised investor concerns about scrutiny of AI infrastructure development, alongside worries about capital spending, valuations and investment returns.
Elsewhere, Tokyo’s Nikkei fell more than 6 per cent to 57,239 within its first trading hour. In Singapore’s broader market, SingPost was among the few gainers at 9.15 am after reporting a 183.7 per cent rise in H1 profit before trading began.
