[SINGAPORE] Singapore shares declined more than 3 per cent after the market opened on Friday (Apr 11), as tariff uncertainty returned.
The US confirmed on Thursday that President Donald Trump’s tariff hikes brought the additional rate on many Chinese products to 145 per cent.
After the market opened, the Straits Times Index was down 3.2 per cent at 3,465.15, with losers outpacing gainers 178 to 40. Securities traded totalled 102.4 million worth S$239.3 million.
By the midday trading break, the benchmark index had recovered slightly, but remained down 2.1 per cent at 3,502.12; losers outpaced gainers 270 to 174. Securities traded totalled 766.2 million worth S$787.3 million.
Singapore’s trio of banks were down at the open and remained down by the midday trading break. DBS shed 3.7 per cent or S$1.47 to S$38.20. OCBC dropped 3.2 per cent or S$0.49 to S$14.94 and UOB dipped 2.8 per cent or S$0.92 to S$32.29.
Most STI constituents suffered losses at Friday’s open, but some made a comeback by midday.
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Two marine stocks recovered by midday. Seatrium tumbled earlier during the day, but was up 0.6 per cent or S$0.01 at S$1.75 at the midday trading break. Chinese vessel maker Yangzijiang Shipbuilding traded down at the open, but regained 1.6 per cent or S$0.03 to S$1.97.
Others continued to trade down. Ground handler Sats was still down at midday, lower by 1.5 per cent or S$0.04 at S$2.61. CapitaLand Investment dropped 2 per cent or S$0.05 to S$2.45, and Genting Singapore lost 1.4 per cent or S$0.01 to S$0.685.
Stocks that traded up at the open, bucking the broader market trend, continued to sustain gains. Local bourse operator Singapore Exchange (SGX) extended its earlier gains by midday, when it was up 1.4 per cent or S$0.18 at S$12.73. This comes as trading activity surged over the week, climbing to levels above SGX’s securities daily average volume for March, after the tariffs kicked in over the weekend.
Telco giant Singtel rose 0.6 per cent or S$0.02 to S$3.51 by midday, with more than 27.8 million of its shares changing hands.
US markets tumbled again on Thursday, after a relief rally on Wednesday. The S&P 500 was down 3.5 per cent at 5,268.05, after soaring 9.5 per cent on Wednesday; the Dow Jones Industrial Average dropped 2.5 per cent to 39,593.66 and the Nasdaq Composite dived 4.3 per cent to 16,387.31.
