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Singapore shares end lower on escalating trade tension
SINGAPORE shares, along with its regional peers, took a heavy beating after China imposed an additional 25 per cent tariffs on imports of 106 US products in retaliation against proposed US duties on its high-tech goods.
The new levies will hit US exports including soybeans, automobiles, chemicals and aircraft.
The Straits Times Index (STI) tumbled 2.12 per cent, or 72.45 points, to close at 3,339.70. More than 2 billion shares, worth S$1.6 billion, were traded. There were 112 gainers to 398 losers.
Banks - UOB, DBS and OCBC - as well as manufacturing companies like Venture Corp were among losers. The latter lost 4.6 per cent, or S$1.27, to settle at S$26.60.