- The Singapore market saw the largest single-day decline since 2008 when the STI plunged 7.5% on 7 Apr 2025 – in line with other equity markets as a reaction to higher trade tariffs and just a shade off the 2008 decline of 8.3%.
STI down 14.8% over 8 trading sessions.
- - Read this at SGinvestors.io -
- Selling was across the board as all sectors fell. Key index components also saw larger-than-average rates of decline. In the seas of red, Singapore Exchange (SGX:S68) stood out, as a perceived beneficiary of the heavier-than-average trading volume on the local bourse.
- For the STI component stocks, several saw trading volumes in excess of 5-6x the average 6-month trading volume.
Is a full-blown global trade war happening?
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- Prior to this, Asian countries were some of the hardest hit from higher US tariffs with Cambodia at 49%, Laos at 48% and Vietnam at 46%. Singapore’s nearer neighbours are also subjected to higher tariffs with Thailand at 36%, Indonesia at 32%, Malaysia at 24% and Singapore at 10%.
- Singapore imposes no tariffs on US products under the US-Singapore Free Trade Agreement (USSFTA). Singapore also imports more from the US than its exports to the US. The wider implication is highly dependent on whether these countries are prepared to meet and negotiate or opting for tit-for-tat reciprocal tariffs.
Recession cannot be ruled out.
- Read more at SGinvestors.io.
