STI slumps 2% on Friday on cooling measures, trade tariffs

A STORM greeted traders Friday morning as the markets opened, with the twin troubles of US-China trade tariffs and property cooling measures introduced by the Singapore government on Thursday night depressing the local index.

The Straits Times Index (STI) was battered as soon as trading began, falling 2 per cent at the end of the day, or 64.89 points, to break through the 3,200 support level to close at 3,191.82, the lowest it has been in the year to date.

Turnover came in at a meaty 2.28 billion shares worth S$2.01 billion in total, as losers heavily outnumbered gainers 290 to 121.