[SINGAPORE] Singapore stocks slid further on Wednesday following this week’s rout, as US President Donald Trump planned a 104% tariff hit on many China goods.
These tariffs were set to take effect at 12:01am US time on Wednesday.
Shortly after market open, the Straits Times Index was down 2.28 per cent to 3,390.30. Across the broader market, losers outnumbered gainers 266 to 67 after 262.38 million securities worth S$461.27 million changed hands.
Singtel was the most actively traded counter by volume, trading higher at S$3.42 after 6.4 million shares were transacted.
Other actively traded counters included Yangzijiang Financial, down 3.7 per cent or S$0.025 to S$0.65 after 5.6 shares changed hands, and Mapletree Logistics Trust which tumbled 5.2 per cent or S$0.06 to S$1.09 after 4 million shares were transacted.
Yangzijiang Shipbuilding also fell 3.2 per cent or S$0.06 to S$1.84 in early trade after 2.7 million securities changed hands.
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The local banks were a sea of red this morning. DBS continued to fall by 2.7 per cent or S$1.04 to S$36.96. OCBC dipped by 1.4 per cent or S$0.21 to S$14.60, and UOB slipped by 2.1 per cent or S$0.68 to S$31.45.
Trump had initially imposed reciprocal tariffs of 34 per cent on China, but said he would slap an additional 50 per cent duty if Beijing did not withdraw the 34 per cent tariffs it imposed on US products it imposed in retaliation. That brings tariffs on China goods up to 104%.
Wall Street stocks tumbled again on Tuesday as initially successful efforts to rebound from big losses faded amid worries over US President Donald Trump’s trade wars.
All three major indices finished firmly in the red, with the S&P 500 shedding 1.6 per cent to 4,982.77, its first close below 5,000 points in nearly a year.
The Dow Jones Industrial Average ended down 0.8 per cent at 37,645.59, a swing of about 1,780 points below its session peak, while the tech-rich Nasdaq Composite Index shed 2.2 per cent to 15,267.91.
Over in Europe, shares rose from 14-month lows on Tuesday, after four straight sessions of heavy selling, though investors continued to watch developments closely as countries responded to sweeping US tariffs.
The pan-European Stoxx 600 closed 2.72 per cent higher at 486.91 points after slumping over 12 per cent in the past four sessions.
