Meanwhile, the financials were nursing declines after the midday break - OCBC led the way with a 1.4 per cent or 15 Singapore cents fall to S$10.74, DBS lost 1 per cent, or 25 cents to S$24.60, and UOB was down 1 per cent, or 24 cents to S$23.87.
In a research note on Thursday, OCBC highlighted that with global risk appetite continuing to ebb, US stocks retreated further to a 12-week low overnight, and 10-year US Treasury bond yield tumbled 2.2 per cent - the lowest since September 2017 - amid increased speculation of Federal Reserve rate cuts.
Elsewhere, Asian equities were also on the back foot on Thursday, as concerns over an escalating trade war between the two world-largest economies loomed over global markets. Separately, analysts from Phillip Futures also noted that global indices futures generally remained suppressed amid concerns about global growth.
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