Singapore Shares Crash as US-China Trading War Looms Large; Singtel Drops 3%
Singapore's stock market crashed on Monday as investors anticipate the looming threat of tariffs imposed by US president Donald Trump, triggering a potential US-China trade war.
The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,797.83 and 3,850.85 throughout the day. It ended the session at 3,826.47, down 29.35 points, or 0.8% compared to Tuesday's close.
In company news, shares of iWOW Technology Limited were up nearly 6% after the company was awarded a contract for the design, supply, installation, commissioning, operation and maintenance of the WAAS front-end system, from a Statutory Board potentially worth more than SG$50 million.
SEMBCORP INDUSTRIES LTD was down over 1% after it signed a share purchase agreement with CleanCurrentRenewable Energy to acquire 100% shares in Puente Al Sol for SG$105 million.
Meanwhile, shares of SATS LTD. were down over 1% at the close after it acquired the remaining 15% stake in SATS Food Solutions Thailand from Bangkok Ranch (BKK:BR) for around 85.5 million Thai baht.
SGX rose 1%; CSC fell 9%, Singtel fell 3.3%, Nio fell 3.2%, Sembcorp fell 1.4%, OCBC fell 1%.
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