The Straits Times Index fell 26.54 points, or 0.46%, to close at 5,683.37 on Thursday, a second consecutive session of losses following Wednesday's 0.24% dip. The index traded between an intraday high of 5,713.62 and a low of 5,677.91, and the retreat this time was broad rather than concentrated: 22 of the 30 constituents declined, against just 5 advancers and 3 unchanged.

Selling was heaviest among property developers and REITs, which accounted for four of the session's steepest decliners — City Developments, Hongkong Land, CapLand Ascendas REIT and Mapletree Industrial Trust all fell more than 2%. That pressure outweighed a cluster of modest gains among industrials and conglomerates, where Venture, Keppel, Jardine C&C, ST Engineering and Singapore Airlines each rose less than 1%, leaving the broader property and REIT complex to set the tone for the day.

Session Movers

Venture (V03.SG, +0.72%) edged up to $16.77 with no fresh company disclosure Thursday. The stock continues to digest its second-quarter results released August 6 — net profit up 10.3% year-on-year to $63 million and revenue up 12.5% to $726 million, with the board lifting the interim dividend 20% to 30 cents per share on strength in test-and-measurement, networking and semiconductor-equipment segments. The shares trade at 1.73 times book, cheaper than 38.7% of the past year, against a consensus Buy rating and a $19.47 target implying about 16% upside.

SGX (S68.SG, -1.41%) slipped to $22.42 after its regulatory arm, SGX RegCo, said listed companies will need to provide enhanced disclosure on executive remuneration, dividend policy and investor-relations strategy from annual reports issued in 2028, with the rules taking effect January 1, 2027 and issuers required to maintain a dedicated IR website. The announcement concerns other listed issuers rather than SGX's own earnings and did not stem the pullback. The stock trades at 34.79 times earnings, cheaper than just 4.05% of the past decade, against a consensus Hold rating and a $23.80 target.

CapLand Ascendas REIT (A17U.SG, -2.15%) fell to $2.28 with no new disclosure Thursday, even after DBS reiterated a Buy rating this week with a $2.90 target and BlackRock lifted its deemed stake to 7.12% from 6.96%. The REIT trades at 0.998 times book, cheaper than 99.62% of the past five years — one of the least expensive readings on the board — against a consensus Strong Buy rating and a $3.08 target.

City Developments (C09.SG, -2.38%) fell to $8.22, giving back most of Wednesday's 3.69% rally that came ahead of the September 28 release of the group's strategic review, led by advisory firm Teneo following a public boardroom dispute within controlling shareholder Kwek Leng Beng's family; UOB Kay Hian maintained a Buy rating Wednesday with an $11.85 target. There was no new company disclosure Thursday, and the stock trades at 0.804 times book, cheaper than 34.87% of the past year, ahead of next week's review outcome.

One point worth noting

Thursday's decline was unusually broad for this market: 22 of 30 constituents fell against just 5 advancers, one of the more lopsided breadth readings recently. The session's decliners also spanned opposite ends of the valuation spectrum — SGX, down 1.41%, trades at 34.79 times earnings, among the priciest readings on the board, while CapLand Ascendas REIT, down 2.15%, trades at 0.998 times book, cheaper than nearly all of the past five years. Both the index's priciest exchange operator and one of its cheaper REITs moved lower together, underscoring how broadly Thursday's selling cut across the market.