Singapore shares see reprieve but still end week 3.5% lower

IN A week that did not start too kindly for investors in Asia, the Singapore market had some reprieve on Friday as investors gained confidence that the US and China would be able to work towards a trade deal.

Regional markets had, for the most part, been in a sanguine mood of late, until they were rudely awakened by Sunday's tweet by US President Donald Trump that he would raise existing tariffs on US$200 billion worth of Chinese goods on Friday.

Like many of its peers, the Straits Times Index (STI) opened higher but whipsawed shortly after tariffs on China were in force at 12.01pm Singapore time. The benchmark index closed at 3,273.50, up 3.80 points or 0.1 per cent. However, on the week, it dropped 118.79 points or 3.5 per cent from last Friday's close of 3,392.29.