The STI dropped 0.74% with 24.64 points to 3311.37 .
Singapore Telecommunications Ltd's shares biggest loser with 5.3% fall.
Singapore Press Holdings also fall 2.06 % to Sg$4.27.
But DBS Bank up 1.12% at Sg$17.16.
A spike in bond yields appeared to be the key factor behind the fall in share prices of Singapore-listed telecoms, Daiwa Capital Markets said in a report dated May 30.
"We find Singapore, Malaysia and Philippines telecom stocks to be vulnerable to yield spikes," it said.
The rallies seen among defensive stocks in ASEAN telecoms over the past three years had more do with falling risk premiums rather than changes in earnings outlooks, it said. As such, the recent spike in 10-year bond domestic yields in various ASEAN markets is a matter of concern, it said.
Singapore Telecommunications Ltd's shares biggest loser with 5.3% fall.
Singapore Press Holdings also fall 2.06 % to Sg$4.27.
But DBS Bank up 1.12% at Sg$17.16.
A spike in bond yields appeared to be the key factor behind the fall in share prices of Singapore-listed telecoms, Daiwa Capital Markets said in a report dated May 30.
"We find Singapore, Malaysia and Philippines telecom stocks to be vulnerable to yield spikes," it said.
The rallies seen among defensive stocks in ASEAN telecoms over the past three years had more do with falling risk premiums rather than changes in earnings outlooks, it said. As such, the recent spike in 10-year bond domestic yields in various ASEAN markets is a matter of concern, it said.
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