Singapore shares sink at open as fears of global trade war grow; STI down 2%

Stock markets in Asia slid after US President Donald Trump announced long-promised tariffs on Chinese goods.
Stock markets in Asia slid after US President Donald Trump announced long-promised tariffs on Chinese goods. ST PHOTO: BENJAMIN SEETOR

SINGAPORE - Singapore shares opened two per cent lower on Friday (March 23), with the Straits Times Index down 71.06 points to 3,420.31 at 9.02am.

Stock markets in Asia slid after US President Donald Trump announced long-promised tariffs on Chinese goods on Thursday, stoking fears of a global trade war. He signed a presidential memorandum that could see tariffs imposed on China on up to US$60 billion on its exports to the US, although the measures have a 30-day consultation period.

China on Friday morning retaliated with its list of potential tariffs on 128 US goods that include pork, wine and steel.

On the Singapore Exchange, about 71 million shares worth S$101 million in total changed hands as losers outnumbered gainers 185 to 15.

The most actively traded stock was Rowsley, which rose S$0.003 to S$0.127 with 78.7 million shares changing hands.

Other actives included JEP Holdings and Marco Polo Marine.

On Wall Street overnight, the Dow shed 2.9 per cent, the S&P 500 dropped 2.5 per cent and the Nasdaq fell 2.4 per cent.

In regional markets, Australian stocks lost 1.65 per cent and Japan's Nikkei dropped 1.9 per cent. Meanwhile, South Korea's Kospi retreated two per cent.