Singapore shares on longest losing streak since April on unease over US tariffs; STI falls 0.5%
SINGAPORE – The announcement of new US tariff rates rattled regional investors and sent local shares down for the sixth consecutive session on Aug 1 – the longest losing streak since April 9.
The unease left the benchmark Straits Times Index (STI) 0.5 per cent or 19.94 points lower at 4,153.83 while losers outpaced gainers 340 to 244 on trade of 1.3 billion securities worth $1.7 billion.
Keppel DC Reit was the STI's biggest decliner, losing 3.4 per cent to $2.29, while Jardine Matheson Holdings was the top gainer, adding 2.7 per cent to US$55.98. The conglomerate reported on Thursday that first-half underlying profit rose 45 per cent to US$798 million.
The local banks closed lower: DBS fell 0.6 per cent to $47.60; OCBC shed 0.5 per cent to $16.79; and UOB dipped 0.3 per cent to $36.07.
Regional bourses were also on edge, especially so given Malaysia, Thailand and Cambodia were hit with 19 per cent levies while Taiwan will face a 20 per cent rate on its US exports.
South Korea's Kospi led the decliners, down 3.9 per cent, while the Hang Seng in Hong Kong fell 1.1 per cent, Japan's Nikkei 225 slipped 0.7 per cent and the Australian market slid 0.9 per cent. Malaysian stocks defied the gloom, rising 1.3 per cent.
Wall Street set the subdued tone overnight after the tariff announcement and growing concerns about slowing economic growth and an uptick in inflation.
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The S&P 500 fell 0.4 per cent, the Nasdaq dipped 0.1 per cent while the Dow Industrials retreated 0.7 per cent for its fourth straight day of declines
Saxo Markets chief investment strategist Charu Chanana said the tariff announcements had brought 'clarity on paper, but uncertainty in practice'.
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