Singapore tech stocks tumble as global Nasdaq decline spreads across Asia
Singapore's technology shares fell sharply on Friday, mirroring a broader Asian sell-off after a steep drop in the U.S. Nasdaq, while the Straits Times Index slipped more than 2 %.
Singapore-listed technology stocks dropped on Friday, following a global rout in the sector. The Straits Times Index was down 2.3 % at 5,175.74 points by 9:04 a.m., with all STI components posting losses. Yangzijiang Shipbuilding led the decline, falling 8.4 % to S$4.26.
Banking shares also fell, with OCBC down 0.3 % after reporting third-quarter results, while DBS and UOB slipped 2.2 % and 2.0 % respectively.
Among technology issuers, AEM slid 9.3 % to S$5.78 and UMS Integration dropped 8.4 % to S$1.63. Other losers included Frencken (-7.6 %), CSE Global (-6.7 %) and several semiconductor-related stocks.
Only a few stocks rose, notably SingPost, which posted a 183.7 % rise in first-half profit.
The regional impact was pronounced, with South Korea’s Kospi falling more than 8 % and semiconductor giants SK Hynix and Samsung Electronics down around 13 % and 10 % respectively. Japan’s Nikkei Index dropped over 6 % into bear-market territory, while Hong Kong’s Hang Seng and Malaysia’s FTSE Bursa Malaysia KLCI each fell 1.3 %.
The Asian sell-off followed a sharp decline on Wall Street, where the Nasdaq Composite fell 5.52 % after investors expressed concerns about tighter artificial-intelligence regulation following the Democrats’ victory in the U.S. midterm elections. The Philadelphia Semiconductor Index plunged 12.3 %, with chipmakers Broadcom and Nvidia down 10 % and 9 % respectively, and other tech firms such as Oracle, Qualcomm and Sandisk also posting losses.