FX.co ★ Singapore Stocks Plunge to 4-Month Low

Singapore's stock market experienced a significant downturn, falling 203 points, or 5.2%, to close at 3,623 on Monday. This marks the lowest point in four months as the market declined for the sixth session in a row, with nearly every sector seeing losses. The downturn was most pronounced in the producer manufacturing and retail trade sectors, which saw declines of 13.4% and 10.4%, respectively. This drop coincides with a decrease in US stock futures, driven by heightened fears of a global recession in light of the ongoing trade war. Recent developments include Canada and the EU reportedly taking steps to follow China's retaliatory measures. Additional caution pervades the market following hints of a downward revision in Singapore's GDP growth forecast. Furthermore, Singapore faces the imposition of a 10% tariff by the U.S., despite the existence of a free trade agreement between the two nations. Among those hit hardest in the market were Keppel (-8.9%), DBS Group Holdings (-8.3%), OCBC (-5.5%), UOB (-5.3%), and DFI Retail Group (-4.9%).