The Straits Times Index (STI) opened 1% lower on April 9 after three consecutive sessions of declines as US President Donald Trump ramped up his tariff rhetoric.
The STI fell to a low of 3,385.88 points within the first 10 minutes of trading, 1.5% down from its open of 3,437.46 points and previous close of 3,469.47 points.
Leading the losers were Mapletree Logistics Trust , which declined 5.22%; Hongkong Land, down 5.2%; and Yangzijiang Shipbuilding, down 4.21%.
Trump has vowed to raise his 34% additional tariff on Chinese goods to 50%, after China unveiled its own 34% counter-tariff last week. Taken together with levies imposed in February and March, Chinese goods entering the US will face a 104% tariff.
The US's higher tariff, along with China’s counter-tariff, are set to come into effect at 12.01am on April 10 in the US, or 12.01pm Singapore time.
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The STI, which crossed 4,000 points for the first time on March 28, has erased seven months’ worth of gains and is now back at levels last seen in September 2024.
Chart: SGX
