Biggest losers among Singapore stocks in Trump tariff sell-off

Plunge exceeds that seen during Covid-19 sell-off in 2020; fears of global recession grow

- Kang Wan Chern

Singapore's Straits Times Index (STI) extended its losing streak on April 7, plunging more than 325 points, or 8.5 per cent, when trading opened, amid fears that US President Donald Trump's sweeping tariffs could induce a global recession.

The drop marked the benchmark blue-chip index's largest intraday loss since the 8.9 per cent plunge during the global financial crisis on Oct 24, 2008, and exceeded the 8.4 per cent decline seen during the Covid-19 sell-off on March 23, 2020.

These are the biggest losers on the STI on April 7:

SEATRIUM
Shares of the mainboard-listed company plunged 14.43 per cent to $1.66 on April 7.

Seatrium, formed from the merger of Sembcorp Marine and Keppel Offshore & Marine, provides offshore renewables, new energy and cleaner solutions to clients, including American businesses.

Other offshore and marine stocks were also hit, with Malaysian shipyard Nam Cheong tumbling by about 18 per cent. Vessel operators and charterers such as Mermaid Maritime and Marco Polo Marine also nosedived.

YANGZIJIANG SHIPBUILDING
Shares of the Chinese shipbuilder sank 11.52 per cent to $1.92 on April 7. The sell-off also comes amid a US proposal to impose fees on Chinese-built vessels entering American ports.

Yangzijiang Shipbuilding is one of the largest non-state-owned shipbuilding companies in China. It has an order book valued at around US$22 billion (S$29.6 billion), according to a bourse filing in November 2024.

The company was among the top picks by institutional investors on the Singapore Exchange in 2024, with its shares trading at a 52-week high of $3.30 just two months ago.

KEPPEL
Shares of Keppel fell 11.2 per cent to $5.90 on April 7.