Singapore banks lose over S$37 billion in market value as tariff sell-off continues

[SINGAPORE] Shares of Singapore’s three local banks continued to slide on Monday (Apr 7), leading a broader market sell-off triggered by concerns over US tariffs.

At market close, DBS had dropped 9.3 per cent to S$39.28; OCBC declined 6.9 per cent to S$15.47; and UOB slid 6.3 per cent to S$33.23.

The benchmark Straits Times Index – which is heavily weighted by the three banks – fell 7.5 per cent to 3,540.50, just days after it breached the 4,000-point milestone on Mar 28.