Singapore's stock market opened higher on Thursday before falling into the negative territory at the close, amid concerns over US President Donald Trump's incoming tariff spree.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 3,854.86 and 3,890.06 throughout the day. It ended the session at 3,860.76, down 14.37 points or 0.37% compared to Monday's close.

Mapletree stock fell over 3%. On Monday, JPMorgan analysts issued a downgrade for Mapletree Industrial Trust shares, moving from an 'Overweight' rating to 'Underweight.' Accompanying this downgrade is a price target adjustment to SGD1.90, a decrease from the previous SGD2.50 target. The revision comes as the analysts forecast a potential decline in the trust's distribution per unit (DPU).

NIO fell 1.8%; DBS Group fell over 1%; UOB fell over 0.7%; YZJ Shipbldg rose 2%.

In company news, shares of Ellipsiz surged nearly 42% after the company's profit attributable to owners of the company surged 19% in fiscal H1 to SG$1.9 million from SG$1.6 million a year earlier.

Huationg Global soared nearly 13% at the close after the company forecasted an overall year on year improvement in its net profit attributable to owners for the 12 months ended Dec. 31, 2024.

Meanwhile, shares of The Trendlines Group fell over 4% at the close as it flagged a net loss of between $9 million and $11 million for the year ended Dec. 31, 2024, with the company attributing the forecast to higher expenses and decreased portfolio value due to write-offs.