Singapore Markets Closed At Its Lowest In Nearly 8 Months

Image by Csaba Nagy from Pixabay

Industrial and financial stocks weighed on the Singapore benchmark index, as it closed at its lowest in almost eight months on Monday (26 Aug) –  as reported by Reuters. In fact, lender DBS Group Holdings fell 1.2%, while Jardine Matheson Holdings lost 2.5%. 

Additionally, the report shared that the city-state’s July industrial production dropped 0.4% year-on-year, but “the fall was much narrower than broader forecasts”. Production had contracted 8.1% in June, according to revised figures from the Singapore Economic Development Board.

Across the region, Southeast Asian markets ended lower on Monday, tracking a broader Asian sell-off as the United States and China slapped retaliatory tariffs on each other over the weekend in further escalation of a protracted trade war. 

Though both countries sought to ease trade war tensions on Monday, with Beijing calling for calm and U.S. President Donald Trump predicting a deal, local markets seemed to shrug off the optimism. 

Washington on Friday added an extra 5% duty on about $500 billion worth of Chinese goods, retorting the Chinese imposition of an extra 10% tariff on $75 billion worth of U.S. goods earlier that day. 

Written by

Cheryl Toh

Last updated on

August 27th 2019, 10:49 am

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