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Singapore shares slide 0.9% after new round of US trade tariffs
THE Singapore market dived on Friday, along with other Asian equities, after US President Donald Trump announced another round of 10 per cent tariffs on US$300 billion worth of Chinese goods which will commence on Sept 1.
The latest tariff announcement follows hot on the heels of a 25 basis point rate cut by the Federal Reserve the day before, and raises the possibility of further easing from central banks around the world to combat the trade war's threat to economic growth.
The Straits Times Index (STI) finished down 0.93 per cent or 30.64 points to 3,261.11, hitting its lowest level since June 18.
Likewise, the Hang Seng Index in Hong Kong slumped 2.35 per cent and Japan's Nikkei lost 2.11 per cent. In China, the Shanghai Composite Index gave up 1.41 per cent and the Shenzhen Composite Index ended 1.48 per cent lower.
Turnover on the local bourse was 1.16 billion securities worth S$1.42 billion, which worked out to an average unit price of S$1.22. Losers outnumbered gainers 314 to 153, or two securities down for every one up.
Telecommunications product and service provider mDR led active counters with a volume of 55.6 million, losing 0.1 Singapore cent to close at S$0.001.
Other active counters included Genting Singapore, which ended down two Singapore cents or 2.17 per cent at S$0.90 with 48.7 million shares traded, and Singtel, down 0.3 per cent or one Singapore cent to S$3.35 on a volume of 23.7 million.