SINGAPORE: Singapore stocks slipped on Monday, Feb 3, as investors reacted to new tariffs announced by US President Donald Trump over the weekend.

The Straits Times Index (STI) dropped 1.5% or 55.72 points to 3,800.1 as the stock market opened at 9:00 am, The Business Times reported. In the broader market, 146 stocks fell while only 37 gained, with 87.7 million securities valued at S$139.4 million traded.

Genting Singapore led in trading volume. It retreated 2% or S$0.015 to S$0.74, with 7.4 million shares traded. Singtel also declined 3% or S$0.10 to S$3.23, while Yangzijiang Shipbuilding slipped 1% or S$0.03 to S$3.02.

Local banking stocks were also down at the open. DBS dropped 1.3% or S$0.56 to S$44.05, UOB declined 1.6% or S$0.61 to S$36.90, and OCBC retreated 1.2% or S$0.21 to S$17.19.

The decline followed a weak session on Wall Street last Friday. US stocks fell after the White House confirmed US President Trump’s decision to impose tariffs of 25% on Canadian and Mexican imports and 10% on Chinese goods.

The S&P 500 fell 0.5% or 30.64 points to close at 6,040.53, the Nasdaq Composite Index dropped 0.3% or 54.31 points to 19,627.44, and the Dow Jones Industrial Average declined 0.8% or 337.47 points to 44,544.66.

European markets, however, closed higher, driven by technology stocks. The pan-European Stoxx 600 index rose 0.1%, driven by technology stocks, which gained 1.7%. /TISG

Read also: Singapore stocks traded higher on Friday morning—STI advanced 1.1%

Featured image by Depositphotos