SINGAPORE: Singapore stocks opened on Tuesday (Nov 26) following similar declines in other Asian markets after US President-elect Donald Trump announced an additional 10% tariff on Chinese goods, adding to existing levies and raising concerns among investors.
The Straits Times Index (STI) dropped 0.3%, losing 11.04 points to 3,720.35 by 9:03 am, as reported by The Business Times.
In the broader market, 73 declined while 52 gained, with 123.9 million securities valued at S$309 million traded.
Yangzijiang Shipbuilding led the trading volume, with 53.7 million shares exchanged. Its share price climbed 0.4%, or S$0.01, to S$2.64. Singtel shares were also traded briskly but fell 0.3%, or S$0.01, to S$3.03.
Banking stocks had mixed results as trading began on Tuesday. DBS rose 0.1%, adding S$0.02 to S$42.27, while OCBC gained 0.4%, or S$0.06, to S$16.25. UOB was the only major bank to decline, dipping 0.1%, or S$0.02, to S$35.99.
In the US, all major indices ended higher on Monday, starting the holiday-shortened week on a positive note as investors welcomed President-elect Trump’s choice of hedge fund manager Scott Bessent as Treasury Secretary.
The Dow Jones Industrial Average rose 1% to 44,736.57, a record high. The S&P 500 and tech-heavy Nasdaq Composite Index both gained 0.3%, finishing at 5,987.37 and 19,054.84, respectively.
In Europe, the main stock index retreated from a two-week high, weighed down by a decline in energy stocks. However, market sentiment stayed optimistic due to the nomination of the new US Treasury Secretary and positive comments on monetary easing from the European Central Bank’s chief economist.
The pan-European Stoxx 600 rose 0.1% to 508.78, reaching a two-week high earlier in the session and marking its third consecutive day of gains. /TISG
Read also: Singapore stocks rose as trading began on Monday—STI gained 0.5%
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