[SINGAPORE] Stocks in certain industries listed in Singapore suffered hits of varying severity on Friday (April 4) following US President Donald Trump’s “Liberation Day” tariffs.
As at 10.52am, the Straits Times Index tumbled by 105.44 points or 2.7 per cent to 3,836.79 – the largest single-day drop since March 2020.
On the Singapore Exchange, companies across different industries such as chipmaking and shipbuilding faced dips in their share prices of up to 8 per cent in early trade this morning.
Trump announced a 10 per cent baseline tax on imports, with some countries such as Southeast Asian nations Vietnam (46 per cent), Thailand (36 per cent) and Cambodia (49 per cent) facing higher tariffs.
Here’s how shares in various sectors reacted on Friday morning :
1. Semiconductors
While semiconductors have been exempted from tariffs for now, analysts from Nomura research noted in an Apr 3 report that the space is hardly “immune”.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
This is owing to how the US is likely to push for another round of tariffs on specific products, which could include semiconductors.
Semiconductor manufacturer UMS dipped 2.8 per cent or S$0.03 to S$1.03. AEM also fell 3.9 per cent or S$0.05 to S$1.23, as at 10.38am.
As at 10.40am, Grand Venture Technology tumbled 4.1 per cent or S$0.03 to S$0.695.
2. Banks
The trio of three Singapore banks have been a sea of red since early trade. DBS slipped 4.8 per cent or S$2.17 to S$43.35, UOB fell by 3.4 per cent or S$1.25 to S$35.60, and OCBC dipped by 2.6 per cent to S$0.44 to S$16.65 as at 10.43am.
3. Shipbuilding
Shipbuilders, who are highly exposed to global trade, generally slumped.
Global offshore marine group Nam Cheong plunged by 9.2 per cent or S$0.055 to S$0.54, as at 11.10am.
Seatrium fell by 3.5 per cent or $0.07 to S$1.93, Yangzijiang Shipbuilding dipped by 4.9 per cent or S$0.11 to S$2.15, and Samudera Shipping is down by 4.7 per cent or S$0.04 to S$0.81, as at 11.12am.
Keppel fell 3 per cent or S$0.21 to S$6.65 as at 11.48am.
4. Glovemakers
A sector in the region that’s expected to be a potential winner is the glove-makers, as the reciprocal tariff imposition by the US is “neutral to positive” for Malaysian glovemakers, writes Raymond Choo, analyst from Kenanga Investment Bank.
“The overall Malaysian glove makers are still net positive. Factoring in the over 100 per cent tariffs imposed on China medical gloves from 2025 to 2026, the pricing gap between Malaysia and China producers for US exports is still wide,” he explained in an Apr 3 report.
All three Malaysian glovemakers listed in Singapore were mixed in morning trade. Medical product manufacturer UG Healthcare was up 3.5 per cent or S$0.004 at S$0.118, as at 11.15am.
On the other hand, as at 11.18am, Top Glove was down 3.9 per cent or S$0.01 at S$0.245. Riverstone Holdings was also trading 1.6 per cent or S$0.015 at S$0.91, as at 11.21am.
Still, in Malaysia, Choo has kept an “overweight” rating on the sector. “The net effect is positive for Malaysia as any volume loss in non-US markets can be offset by higher demand from the US, considering that the US historically accounts for 35 per cent to 40 per cent of Malaysia’s total glove volume,” he said.
