Singapore Stocks Plunge to 4-Month Lows
Singapore equities slumped 203 points, or 5.2%, to 3,623, touching their lowest in four months in early deals on Monday, retreating for the sixth consecutive session, with almost all sectors trading in the red.This was led by the producer manufacturing and retail trade, which plunged by 13.4% and 10.4%, respectively.The STI tracked a plunge in US stock futures due to rising concerns over a potential global recession amid the trade war.
The Singapore stock market fell 203 points, or 5.2%, to 3,623 points in early trading on Monday, hitting a four-month low and marking the sixth consecutive trading day of decline, with almost all sectors experiencing a drop.
Among them, manufacturing and retail trade plummeted by 13.4% and 10.4%, respectively.
Amid growing concerns about a global economic recession, the STI followed the significant decline of U.S. stock index futures, after reports that Canada and the EU plan to follow China's retaliatory measures.
The market also became cautious after signals were sent from the country regarding a downgrade in GDP growth expectations.
Despite having a free trade agreement with the U.S., Singapore will still face a 10% U.S. tariff. The biggest lagging stocks included Keppel (-8.9%), DBS (-8.3%), OCBC Bank (-5.5%), UOB (-5.3%), and DFI Retail Group (-4.9%).
--Trading Economics