Here are the biggest losers among Singapore stocks in Trump tariff sell-off

SINGAPORE – Singapore’s Straits Times Index (STI) extended its losing streak on April 7, plunging more than 325 points, or 8.5 per cent, when trading opened, amid fears that

US President Donald Trump’s sweeping tariffs

could induce a global recession.

The drop marked the benchmark blue-chip index’s largest intraday loss since the 8.9 per cent plunge during the global financial crisis on Oct 24, 2008, and exceeded the 8.4 per cent decline seen during the Covid-19 sell-off on March 23, 2020.

These are the biggest losers on the STI on April 7:

Seatrium

Shares of the mainboard-listed company plunged 14.43 per cent to $1.66 on April 7.

Seatrium, formed from the merger of Sembcorp Marine and Keppel Offshore & Marine, provides offshore renewables, new energy and cleaner solutions to clients, including American businesses.

Other offshore and marine stocks were also hit, with Malaysian shipyard Nam Cheong tumbling by about 18 per cent. Vessel operators and charterers such as Mermaid Maritime and Marco Polo Marine also nosedived.

Yangzijiang Shipbuilding

Shares of the Chinese shipbuilder sank 11.52 per cent to $1.92 on April 7. The sell-off also comes amid a US proposal to impose fees on Chinese-built vessels entering American ports.

Yangzijiang Shipbuilding is one of the largest non-state-owned shipbuilding companies in China. It has an order book valued at around US$22 billion (S$29.6 billion), according to a bourse filing in November 2024.

The company was among the top picks by institutional investors on the Singapore Exchange in 2024, with its shares trading at a 52-week high of $3.30 just two months ago.

Keppel

Shares of Keppel fell 11.2 per cent to $5.90 on April 7.

The global asset manager announced on Jan 24 that it has obtained a licence from the US Federal Communications Commission to land the world’s first subsea cable system directly connecting Singapore to the west coast of the US via Indonesia, passing through the Java and Celebes seas.

The asset manager also has property exposure in China and Vietnam, which were among the worst-hit by Mr Trump’s reciprocal tariffs.

DBS, OCBC and UOB

Shares of all three local banks fell sharply, with DBS Bank leading the decline, dropping nearly 10 per cent on April 7. At $39.28, DBS traded below $40 for the first time since November 2024, with yields around 5.7 per cent.

OCBC Bank fell 6.92 per cent to $15.47, below $16 for the first time since November 2024, while UOB dropped 6.3 per cent to $33.23.

Slower growth expectations could pose a major challenge for the banking sector, as they may dampen new loan demand and customer risk appetite.

Potential US Federal Reserve rate cuts could also reduce the banks’ net interest margins more quickly than expected, putting pressure on their net interest income.

CapitaLand Investment

The real estate manager tumbled 8.3 per cent to $2.43 on April 7.

The company has substantial exposure to China, from which Mr Trump on April 2 introduced additional 34 per cent tariffs on goods entering the US, bringing the total duties on China in 2025 to 54 per cent.

The US President also closed a trade loophole that had allowed low-value packages from China to enter the US duty-free.

China has since retaliated with extra levies of 34 per cent on all US goods, escalating the trade war between the world’s two largest economies and raising the risks of a slowdown in both.

Singapore Exchange

Shares of the Singapore Exchange (SGX) fell 9.45 per cent to $11.79 on April 7.

The local bourse had a sluggish 2024, with only four companies braving a listing. Mr Trump’s tariffs, which have stalled initial public offerings (IPOs) in the US, are expected to further dampen listing activity here.

Only two companies, car dealer Vin’s Holdings and candy maker YLF Group Marketing, have lodged offer documents for potential IPOs on the SGX Catalist board so far in 2025.

Meanwhile, with economic growth projected to stall and markets roiling from tariff uncertainty, trading on the local bourse could see a drop in volumes in the months ahead.

Sats, Singapore Airlines

Local aviation stocks nosedived on April 7, with travel demand and global supply chains expected to take a hit from the tariffs.

Shares of aviation and food specialist Sats dropped by around 8 per cent to $2.65, while Singapore Airlines tumbled 7 per cent to $6.09.

Venture Corp

Venture Corp, which helps clients design, develop and manufacture high-tech products in the life sciences, communications and consumer electronics sectors, among others, fell 8.88 per cent to $10.88 on April 7.

The company runs its operations globally, including in the US, where it counts multinational life sciences and medical equipment firms such as Agilent Technologies and Thermo Fisher Scientific as customers.

Semiconductor-related stocks

AEM Holdings, Grand Venture Technology and UMS Integration, which provide services to the semiconductor sector, fell sharply.

AEM and Grand Venture were down by more than 17 per cent and 14 per cent, respectively, on April 7, while UMS, which recently received regulatory approval to launch a secondary listing on Bursa Malaysia, was down by more than 9 per cent.

While semiconductors are part of a list of items excluded from the tariffs for now, experts expect Mr Trump to introduce levies on these goods soon.

Semiconductors and semiconductor equipment account for about 30 per cent of Singapore’s annual exports.

Construction stocks

Local construction stocks tumbled with Singapore looking at slower growth as a result of the tariffs and their impact in the months ahead.

Shares of construction and engineering company OKP Holdings dropped by almost 20 per cent to 51 cents before recovering to close at 54 cents. The shares had hit their highest level in 10 years at 68 cents on April 3, amid a rise in construction spending in Singapore.

OKH Global and ISOTeam also fell, as did Centurion Corporation, which provides accommodation for foreign workers in Singapore.