Singapore tech stocks plunge as Nasdaq bloodbath spills into region

[SINGAPORE] Singapore-listed technology stocks fell on Friday (Nov 6), tracking a global rout in technology and semiconductor stocks.

The Straits Times Index (STI) was also down by more than 2 per cent in early trade. As at 9.04 am on Friday, the benchmark index was down 120.51 points, or 2.3 per cent, at 5175.74 points.

All STI counters had dropped, with Yangzijiang Shipbuilding leading the decline. The counter was down 8.4 per cent, or S$0.39, at S$4.26 as at 9.48 am.

The banks were similarly trading lower on Friday morning. OCBC , which reported its Q3 financial results before trading, was down 0.3 per cent while DBS and UOB were down 2.2 per cent and 2 per cent as at 9.55 am, respectively.

Singapore Exchange, Asia tech stocks sink

Across the broader Singapore market, technology stocks posted some of the steepest declines on market open. As at 9.07 am, shares of AEM slid 9.3 per cent to S$5.78, while UMS Integration declined 8.4 per cent to S$1.63.

Frencken shed 7.6 per cent to S$1.70, while CSE Global slipped 6.7 per cent to S$0.84.

THE BUSINESS TIMES INSIGHTS

Powering Asean's Future 2026

Find out how enterprises are navigating power constraints and sustainability targets

ACCESS THE INSIGHTS

Only a handful of counters in the broader market were up as at 9.15 am, including postal carrier SingPost which had reported an 183.7 per cent increase in its H1 profit before the market opened.

The tech sell-off was mirrored in the region. South Korea led regional losses, with the tech-heavy Kospi diving more than 8 per cent to below the 5,000-point mark.

The index’s semiconductor giants were among the hardest hit, with South Korea’s SK Hynix tumbling around 13 per cent and Samsung Electronics shedding about 10 per cent in early trade.

SEE ALSO

Wall Street slumps as sharp tech losses put Nasdaq on course for correction

Investors wipe US$2.5 trillion off Nasdaq as blue tsunami prompts AI fears

US stocks: Nasdaq posts biggest drop in 19 months as Democrats’ midterm win fuels AI regulation fears

Meanwhile, Japan’s Nikkei Index dropped more than 6 per cent just an hour into trading, entering bear market territory.

Elsewhere, Hong Kong’s Hang Seng Index and Malaysia’s FTSE Bursa Malaysia KLCI were both down 1.3 per cent.

Chipmakers hit

The regional rout followed a sharp sell-off on Wall Street overnight.

The tech-heavy Nasdaq Composite plunged 5.52 per cent on Thursday, as investors grew concerned about tighter artificial intelligence regulation following the Democrats’ victory in the US midterm elections.

The index has fallen more than 10 per cent from its record closing high on Oct 6, placing it in correction territory.

The sell-off was particularly pronounced on chipmakers, with the Philadelphia Semiconductor Index, a key US benchmark tracking semiconductor stocks, plunging 12.3 per cent overnight.

Chipmakers Broadcom and Nvidia fell 10 per cent and 9 per cent, respectively. Other major tech casualties included Oracle, Qualcomm and Sandisk.