In the latest trading session on Friday morning, Singapore's stock market experienced a sharp decline, with the index dropping 99 points, or 2.5%, to a three-week low of 3,843. This marked the fifth consecutive session of losses, led predominantly by downturns in the retail sector. The broader market sentiment was negatively impacted by growing fears of a prospective global trade conflict, following the announcement of new tariffs by U.S. President Donald Trump. Despite having a free trade agreement with the United States, Singapore faces a 10% tariff imposition from the U.S., adding to economic concerns.
The retail trade, consumer durables, and health services sectors suffered significant declines of 3.8%, 2.0%, and 1.9%, respectively. Additionally, the producer manufacturing sector saw a downturn of 1.4%, while the financial sector contracted by 1.1%. Notable among the worst-performing stocks were DBS Group Holdings, dropping by 3.4%, DFI Retail Group with a 2.5% decline, UOB falling by 2.4%, along with SATS and OCBC both decreasing by 2.4% and 2.0%, respectively. Over the week, the index is on track for a 3.2% decrease, following gains in the previous week amid ongoing apprehensions about a global trade war.
