Singapore stocks rise amid Trump’s latest tariff salvo; STI up 0.5%

SINGAPORE - Singapore stocks ended higher on Feb 23 as investors processed the news of US President Donald Trump’s latest global tariffs announced over the weekend.

The benchmark Straits Times Index (STI) gained 0.5 per cent or 23.73 points to finish at 5,041.33. Meanwhile, the iEdge Singapore Next 50 Index remained almost flat at 1,520.5.

Key regional indexes were mostly up. Hong Kong’s Hang Seng Index gained 2.5 per cent, South Korea’s Kospi was up 0.7 per cent and the FTSE Bursa Malaysia KLCI advanced 0.3 per cent.

Japan’s Nikkei 225 index was not trading on Feb 23.

This is the first trading day in Asia since Mr Trump raised global tariffs to 15 per cent on Feb 22, after setting their rate at 10 per cent a day prior. This followed the US Supreme Court’s decision to strike down his sweeping reciprocal tariffs announced on so-called Liberation Day in April 2025.

Mr Neil Wilson, UK investor strategist at Saxo Markets, noted that “the last couple of days has amplified uncertainty, which is weighing on risk”. 

“But overall, it seems unlikely that tariffs are going to get materially worse for companies and consumers than before the (Supreme Court) ruling, which should mean patience will pay off.”

Meanwhile, the Monetary Authority of Singapore and the Ministry of Trade and Industry said on Feb 23 that Singapore’s core inflation eased to 1 per cent in January from 1.2 per cent in December, defying economists’ expectations for core inflation to rise to 1.5 per cent, based on a Bloomberg poll.

Across the broader market in the Republic, gainers beat losers 335 to 243, after 1.7 billion securities worth $1.7 billion changed hands.

Yangzijiang Shipbuilding led the gainers on Singapore’s blue-chip index, rising 3.5 per cent to end at $3.86. The worst performer among STI constituents was Genting Singapore, which fell 2.5 per cent to 79 cents.

THE BUSINESS TIMES