STI slips 0.8% amid regional sell-off after Trump’s latest tariff escalation
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Across the broader market, decliners outnumbered advancers 440 to 209, with total turnover at $1.7 billion.
ST PHOTO: KUA CHEE SIONG
Renald Yeo
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- Singapore's Straits Times Index (STI) fell 0.8% to 4,389.84, mirroring regional declines due to Trump's tariff escalation against China.
- UOL was the top STI gainer, and Yangzijiang Shipbuilding was the biggest decliner, with all three local banks ending in the red.
- OCBC's Vasu Menon advises investors to brace for volatility but maintains a positive medium-term outlook, seeing pullbacks as opportunities.
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SINGAPORE – Shares on the Singapore bourse closed lower on Oct 13, tracking regional losses as investors digested news of the US’ latest tariff escalation against China.
The benchmark Straits Times Index (STI) slipped 0.8 per cent, or 37.22 points, to 4,389.84.
Property developer UOL was STI’s top gainer, rising 2.4 per cent, or 19 cents, to $8.15. The biggest decliner was Yangzijiang Shipbuilding, which fell 3.5 per cent, or 12 cents, to $3.28.
Genting Singapore was the most actively traded STI counter by volume, with 52 million shares worth $37.2 million changing hands. It fell 1.4 per cent, or one cent, to 71.5 cents.
All three local banks ended in the red. DBS Bank dropped 0.8 per cent, or 45 cents, to $53.40; OCBC Bank slipped 0.7 per cent, or 11 cents, to $16.77; and UOB lost 1.1 per cent, or 40 cents, to $34.93.
Across the broader market, decliners outnumbered advancers 440 to 209, with total turnover at $1.7 billion.
“The latest rift between the US and China is likely to cause greater market volatility and investors must brace themselves for a choppy ride,” said Mr Vasu Menon, managing director, investment strategy at OCBC.
“What’s more important is that the medium-term outlook remains positive and investors should not lose sight of this.”
For those with the risk appetite and the ability to withstand volatility, sharp pullbacks can offer investment opportunities, he added.
Elsewhere in Asia, key indexes also ended lower. Hong Kong’s Hang Seng Index shed 1.5 per cent, or 400.84 points, to 25,889.48; while the Shanghai Composite Index slipped 0.2 per cent, or 7.53 points, to 3,889.50.
Markets in Japan were closed for a public holiday. THE BUSINESS TIMES
