STI falls 1.6% as OCBC and UOB lead losses
Citi downgraded OCBC to sell, while Singapore’s broader market recorded 270 gainers and 269 decliners.
Singapore’s Straits Times Index closed at 5,608.44 on Oct 7, 2026, a decline of 93.1 points, or 1.6 per cent. OCBC and UOB led the retreat as stock benchmarks elsewhere in the region also fell.
OCBC ended at S$30.30 after dropping S$1.90, or 5.9 per cent. UOB finished at S$42.44, losing S$1.28, or 2.9 per cent, while DBS declined by S$1.07, or 1.4 per cent, to S$77.49.
Citi analyst Tan Yong Hong changed his OCBC recommendation from neutral to sell and maintained a sell rating on UOB. He said the banks’ third-quarter results, due in the first week of November, may miss market forecasts because of misplaced optimism about Singapore dollar rates, particularly following exceptional wealth-related income in the first half.
Hongkong Land led STI gainers, ending at US$8.28 after adding US$0.22, or 2.7 per cent. Across Singapore’s wider market, 270 counters advanced and 269 declined. Trading involved 1.2 billion securities with a value of S$2.8 billion.
CapAllianz recorded the highest share volume at 58.5 million. OCBC led trading by value, with S$831.3 million exchanged across 27.1 million shares. Among iEdge Singapore Next 50 Index constituents, First Resources led gains, rising 5.5 per cent to S$4.57, while Top Glove fell the most, losing 3.6 per cent to S$0.265.
Regional declines included 1.3 per cent for Malaysia’s FTSE Bursa Malaysia KLCI, 0.6 per cent for Hong Kong’s Hang Seng Index, 0.9 per cent for Japan’s Nikkei 225 and 2 per cent for South Korea’s Kospi.
