SINGAPORE stocks were trading lower on Tuesday (Nov 26), following a mixed picture in other Asian markets after US president-elect Donald Trump said he would impose an extra 10 per cent tariff on Chinese goods.
As at noon, the Straits Times Index (STI) was down 0.3 per cent or 11.15 points to 3,720.24. Across the broader market, losers outnumbered gainers 227 to 217 after 645.8 million securities worth S$818.4 million changed hands.
The most actively traded counter by volume was maritime vessel maker Yangzijiang Shipbuilding, which lost 2.7 per cent or S$0.07 to S$2.56 as at noon, with 76.8 million shares transacted. Its volumes were boosted by a series of married deals.
Shares of Singtel were also briskly traded, falling nearly 1 per cent or S$0.03 to S$3.01.
Banking stocks were mixed by Tuesday noon. DBS lost 0.9 per cent or S$0.37 to S$41.88. OCBC advanced 0.1 per cent or S$0.02 to S$16.21. UOB reversed earlier losses to rise 0.5 per cent or S$0.18 to S$36.19.
Other Asia markets similarly fell, with Japan’s Nikkei 225 down 1.3 per cent and Australia’s ASX 200 slipping 0.4 per cent.
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Malaysia’s FTSE Bursa Malaysia Kuala Lumpur Composite Index rose around 1 per cent. Chinese stocks were up despite the threat of tariffs, with Hong Kong’s Hang Seng index up 0.36 per cent and the Shanghai Composite up 0.2 per cent.
DBS said in a Tuesday note that Trump’s nomination of the next US Treasury Secretary Scott Bessent had reined in concerns over the tariffs, among other issues.
“Bessent had publicly said that Trump’s tariff threats are a negotiation tool to push trading partners to lower tariffs on US goods. He believes that tariffs should not be imposed on goods that the US does not make, and that they should be layered in to avoid excessive inflationary impact. These are positions that should avert the worst outcomes for global trade,” DBS wrote.
Wall Street, however, gained overnight. All three major US indices closed higher on Monday, opening a holiday-shortened week with a flourish as investors applauded Trump’s pick of hedge fund manager Scott Bessent for Treasury secretary.
The Dow Jones Industrial Average led the indices, climbing 1 per cent to finish at an all-time high of 44,736.57. The broad-based S&P 500 advanced 0.3 per cent to 5,987.37, while the tech-rich Nasdaq Composite Index also gained 0.3 per cent to 19,054.84.
Europe’s main stock index slipped from a two-week high as gains were limited by a slump in energy stocks, while market sentiment remained optimistic following the nomination of the new US Treasury secretary and encouraging remarks from the European Central Bank’s chief economist regarding monetary-policy easing.
The pan-European Stoxx 600 edged up 0.1 per cent to 508.78. It hit a two-week high earlier in the session and logged three consecutive sessions of gains.
