Singapore share index extends slide, resumes Monday afternoon down 1.67%

The Singapore Exchange Centre in Shenton Way.
The Singapore Exchange Centre in Shenton Way.PHOTO: ST FILE

SINGAPORE - Singapore stocks continued to fall on Monday afternoon (Aug 26) on mounting trade fears, with the Straits Times Index down 1.67 per cent or 51.9 points to 3,058.45 as at 1.02pm, tracking deep losses in other Asian markets.

Losers outnumbered gainers 316 to 89 on the Singapore bourse, or about seven securities down for every two up, after 812.1 million securities worth $548.5 million changed hands.

Among the most heavily traded by volume, Nico Steel Holdings stayed unchanged at $0.004 with 65.1 million shares traded. LionGold Corp held firm to $0.001 with 55.2 million shares traded. Rex International Holding declined 6.0 per cent or $0.005 to $0.078 with 33.2 million shares traded.

Active index stocks included Singtel, down 2.8 per cent or $0.09 to $3.16; while Yangzijiang Shipbuilding Holdings rose 2.7 per cent or $0.025 to $0.94, regaining losses from the early morning trading session. Singapore Press Holdings was also down 2.9 per cent or $0.06 to $1.98.

Financials stayed in the red from early morning trade, with DBS Group Holdings down 1.5 per cent or $0.36 to $24.03; OCBC Bank, 1.2 per cent or $0.13 weaker at $10.50; and United Overseas Bank, down 1.6 per cent or $0.40 to $24.25.

In Asia, stocks in Hong Kong, where weekend clashes between the police and anti-government demonstrators grew increasingly violent, were the worst hit. The Hang Seng index, which plunged more than 3 per cent in the first few minutes of trading, was down 2.97 per cent in the afternoon.

Japan's Nikkei lost 2.1 per cent, the Shanghai Composite Index fell 1.2 per cent,while Australia's stocks were down 1.5 per cent.

"Having already seen the likelihood of the earlier 10 per cent tariffs on the US$300 billion being in question, the latest increased tariffs had no doubt been a rude shock for the markets and tells of the unpredictability of this ongoing trade war," said IG market strategist Pan Jingyi.

She added that amid the twist and turns in the market, demand for haven assets are expected to be sustained.