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Singapore stocks retreat following AI headwind fears; STI closes lower
Singapore stocks retreated on June 8, with the Straits Times Index (STI) closing down 1.7% at 4,963.67 points. The decline was driven by fears surrounding Big Tech and upcoming US labor data, mirroring global market pullbacks. Local banks and most blue-chip stocks fell, while only two counters remained unchanged. Regional indices also posted losses. Saxo strategist Charu Chanana described the move as a cautious 'recalibration' rather than panic, citing crowded AI positioning and shifting Fed expectations.
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