The Straits Times Index fell 83.09 points, or 1.45%, to close at 5,634.93 on Tuesday, sliding from an intraday high of 5,720.91 to a low of 5,632.16. The retreat was broad-based: 21 of the index's 30 constituents declined against just two advancers and seven unchanged, with the three local banks and Singapore Exchange among the session's sharpest laggards.

The pullback tracked a broader regional pattern, with local reporting linking the decline to rising oil prices amid Middle East tensions and climbing government bond yields across the US, Japan and Germany, alongside market debate over the scale of artificial-intelligence-related spending. DBS, OCBC and UOB gave back Monday's synchronised advance in unison, and given their combined weight in the index, the three banks accounted for a large share of the day's points lost.

Session Movers

MPACT (N2IU.SG, +0.83%) was the session's lone gainer among today's selected names, with its first-quarter FY26/27 distribution of 1.96 Singapore cents per unit due for payment the following day, 16 September. The trust trades at 0.69 times book — cheaper than roughly 86% of the past five years — against a consensus Buy rating and a $1.50 target implying about 24% upside.

DBS (D05.SG, -1.17%) fell alongside OCBC and UOB as the trio reversed Monday's joint advance; local coverage tied the move to the region-wide oil-price and bond-yield backdrop rather than any DBS-specific disclosure. The stock trades at 3.14 times book, richer than all but roughly 0.3% of its past five years.

OCBC (O39.SG, -2.67%) posted the day's steepest decline among the selected movers, also swept up in the three-bank reversal; same-day company news — a Hong Kong dollar fixed-deposit promotion and a sustainability-linked ASEAN financing push — carried no direct read-through to the share price. At 2.23 times book, OCBC too sits near the top of its five-year valuation range.

Singapore Exchange (S68.SG, -1.66%) extended Monday's sharp slide even as the bourse confirmed US Commodity Futures Trading Commission clearance to offer cryptocurrency perpetual futures to US institutional investors, with client onboarding planned over the next one to two months. The move followed Macquarie's downgrade to Underperform and a $20.30 target a day earlier, which argued the shares already price in improved liquidity, trade at a premium to regional peers, and carry a dividend yield below peers relative to actual turnover.

One point worth noting

Twenty-one of the STI's 30 constituents fell against two advancers — a lopsided breadth reading that this time moved in the same direction as the index, unlike several recent sessions where narrow gains among a handful of heavyweights lifted the index despite more decliners than advancers. OCBC's 2.67% drop and UOB's 2.36% decline were the basket's steepest, and together with DBS, the three banks' outsized index weight accounted for much of the day's 1.45% retreat.