Singapore stocks took a hit on Thursday—STI down 0.9%

Singapore stocks took a hit on Thursday, stepping into negative territory in the wake of a retreat on Wall Street. The dip followed the release of US inflation data that surpassed expectations, crushing hopes for imminent rate cuts by the US Federal Reserve.

Seatrium stole the show as the most active counter by volume, witnessing a 1.2% dip or S$0.001 to S$0.085 with 9.3 million shares traded. CapitaLand Integrated Commercial Trust wasn’t far behind, shedding 1.5% or S$0.03 to S$1.94, with 7.1 million units exchanged. Banking stocks weren’t spared in the morning hustle either. DBS saw a 0.6% drop or S$0.23 to S$35.56, UOB slid 1.1% or S$0.33 to S$29.29, and OCBC slipped 0.9% or S$0.13 to S$13.68.On Wall Street, Wednesday’s closure painted a gloomy picture after much-anticipated data revealed US consumer prices climbing 0.4% in March from February, and 3.5% from the previous year, both surpassing expectations.

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