Singapore shares slip as tariff pause will end soon; STI drops 0.2%
The Straits Times Index (STI) was 0.2 per cent or 5.95 points lower at 4,013.62 as decliners beat gainers 282 to 192 across the broader market, amid transactions of 1.3 billion securities worth S$1.1 billion.
Stephen Innes, managing partner of SPI Asset Management, said Asian markets slipped into Friday 'like someone entering a dark alley with one eye over their shoulder'.
He commented that US equities might have 'danced higher on a sweet spotted post-payroll sugar rush', but Asia's export-driven economies are facing the US tariff threat with President Donald Trump saying he will be sending trading partners letters about the tariff rates.
'Asian equities pulled back as traders braced for impact. It's not panic yet – but it's certainly not confidence either. The US jobs print may have given Wall Street a reason to run, but in Asia, the only thing running is the clock – and it's counting down to what could be a fresh volley in Trump's tariff blitz. No one wants to be holding risk when that first letter gets sent.'
In Singapore, all but one property players on the STI closed in the red a day after Singapore announced late on Thursday night higher Seller's Stamp Duty (SSD) rates for residential properties, with the levy raised by four percentage points, and the holding period that SSD applies extended to four years.
Only CapitaLand Investment was spared the rout, with the real estate investment manager's shares closing unchanged at S$2.71.
In contrast, Frasers Centrepoint Trust was the worst performing STI property constituent stock, sliding S$0.05 or 2.2 per cent to S$2.22 despite not being a residential property player.
The STI rose 1.2 per cent week on week, closing above 4,000 points since Wednesday.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Straits Times
an hour ago
- Straits Times
Israeli military kills 20 in Gaza as Trump awaits Hamas reply to truce proposal
Sign up now: Get ST's newsletters delivered to your inbox A view of the site of Thursday's Israeli strike that damaged and destroyed residential buildings, at Shati (Beach) refugee camp, in Gaza City, July 4, 2025. REUTERS/Mahmoud Issa TEL AVIV/CAIRO - At least 20 Palestinians were killed on Friday in an Israeli airstrike in Gaza, according to local health officials, as U.S. President Donald Trump said he expected Hamas to respond to his "final proposal" for a ceasefire in Gaza in the next 24 hours. Health officials at the Nasser Hospital in Khan Younis, southern Gaza, said the Israeli military had carried out an airstrike on a tent encampment west of the city around 2 a.m., killing 15 Palestinians displaced by nearly two years of war. Five were killed in northern Jabalia, medics said. The Israeli military had no immediate comment. Later on Friday, Palestinians gathered to perform funeral prayers before burying those killed overnight. "The ceasefire will come, and I have lost my brother? There should have been a ceasefire long ago before I lost my brother," said 13-year-old Mayar Al Farr as she wept. Her brother, Mahmoud, was among those killed. Adlar Mouamar said her nephew, Ashraf, was also killed. "Our hearts are broken. We ask the world, we don't want want them to end the bloodshed. We want them to stop this war." Top stories Swipe. Select. Stay informed. Singapore PAP has begun search for new candidates; PM Wong hopes to deploy them earlier ahead of next GE Singapore $3b money laundering case: 9 financial institutions handed $27.45m in MAS penalties over breaches Singapore Banks tighten vigilance and processes following $3b money laundering case Singapore Seller's stamp duty hike surprises some amid moderating property market, but is ultimately prudent Singapore Trilateral work group formed to address allegations of foreigners illegally taking on platform work Singapore Power distribution system may be linked to Bukit Panjang LRT disruption: SMRT Singapore Rise in number of scam e-mails claiming to be from Cardinal William Goh: Catholic Church Singapore Tourism bump from Lady Gaga concerts raked in up to estimated $150m for Singapore economy Trump earlier said it would probably be known in 24 hours whether Hamas has accepted a ceasefire between the Palestinian militant group and Israel. On Tuesday, the president announced that Israel had accepted the conditions needed to finalise a 60-day ceasefire with Hamas, during which the parties would work towards ending the war. Hamas, which has previously declared it would only agree to a deal for a permanent end to the war, has said it was studying the proposal, but given no public indication whether it would accept or reject it. A source familiar with Hamas' position said the militant group was demanding clear guarantees that negotiations to end the war would take place during the 60-day ceasefire, and that if no deal was reached by the end of that period, the pause in fighting would be extended until both sides could come to terms. 'MAKE THE DEAL' Israeli Prime Minister Benjamin Netanyahu is yet to comment on Trump's ceasefire announcement. While some members of his right-wing coalition oppose a deal, others have indicated their support. Netanyahu has repeatedly said Hamas must be disarmed, a position the militant group has so far refused to discuss. In Tel Aviv, families and friends of hostages held in Gaza were among demonstrators who gathered outside a U.S. Embassy building on U.S. Independence Day, calling on Trump to secure a deal for all of the captives. Demonstrators set up a symbolic Shabbat dinner table, placing 50 empty chairs to represent those who are still held in Gaza. Banners hung nearby displaying a post by Trump from his Truth Social platform that read, "MAKE THE DEAL IN GAZA. GET THE HOSTAGES BACK!!!" The Sabbath, or Shabbat, observed from Friday evening to Saturday nightfall, is often marked by Jewish families with a traditional Friday night dinner. "Only you can make the deal. We want one beautiful deal. One beautiful hostage deal," said Gideon Rosenberg, 48, from Tel Aviv. Rosenberg was wearing a shirt with the image of hostage Avinatan Or, one of his employees who was abducted by Palestinian militants from the Nova musical festival on October 7, 2023. He is among the 20 hostages who are believed to be alive after more than 600 days of captivity. Ruby Chen, 55, the father of 19-year-old American-Israeli Itay, who is believed to have been killed after being taken captive, urged Netanyahu to return from his meeting with Trump in Washington on Monday with a deal that brings back all hostages. "Let this United States Independence Day mark the beginning of a lasting peace..., one that secures the sacred value of human life and one that bestows dignity to the deceased hostages by ensuring their return to proper burial,' he said, also appealing to Trump. Itay Chen, also a German national, was serving as an Israeli soldier when Hamas carried out its surprise attack on October 7, 2023, killing around 1,200 people, mostly civilians, and taking another 251 hostage. Israel's retaliatory war against Hamas has devastated Gaza, which the militant group has ruled for almost two decades but now only controls in parts, displacing most of the population of more than 2 million and triggering widespread hunger. More than 57,000 Palestinians have been killed in nearly two years of fighting, most of them civilians, according to local health officials. REUTERS
CNA
an hour ago
- CNA
India proposes retaliatory duties at WTO against US tariffs on autos
NEW DELHI: New Delhi has proposed retaliatory duties against the United States at the World Trade Organization (WTO), saying Washington's 25 per cent tariff on automobiles and some auto parts would affect US$2.89 billion of India's exports, according to an official notification. "India reserves the right to suspend concessions or other obligations ... that are substantially equivalent to the adverse effects of the measure to India's trade," the statement said. According to the notification, the duty collected by the US would amount to US$725 million, and New Delhi will impose an "equivalent amount of duty collected from products originating in the US". India did not specify the tariff rate or which goods it would levy duties on. India is trying to clinch a trade deal with Washington before a Jul 9 deadline set by US President Donald Trump, after which he has threatened to impose a 26 per cent tariff on all imported Indian goods. India has signalled it is ready to slash its high tariff rates for the US but has not conceded on Washington's demands for opening up the agriculture and dairy sectors.
CNA
2 hours ago
- CNA
Trump plans to send letters outlining tariff rates to trading partners
The US president is calling the shots on his tariff regime. Starting next month, dozens of countries could face tariff rates ranging from 10 to 70 per cent. The new threshold comes as negotiations to avoid higher duties enter the final stretch. Donald Trump has warned of 10 to 12 letters being sent every day, simply informing trading partners about their tariff rates for imports into the US. Toni Waterman reports from Washington DC.
