THE Singapore market resumed its slide on Thursday, hitting a four-month low as investors remain gripped by concerns that US-China trade tensions were spilling into the technology sector.
"With the US-China trade war baring its teeth, it's becoming clear that at the heart of it all is a technology war," a trader toldObservers said that while the base case was for a resolution to the trade impasse, delays are expected.On Wednesday, US Treasury Secretary Steven Mnuchin said that it would take at least a month before the US would enact proposed tariffs on US$300 billion in Chinese imports, signs that investors should not pin too much hope on a resolution soon.
Across the market, decliners outpaced advancers 292 to 138. The benchmark index had 26 of the STI's 30 components trading in the red. Local tech counters faced steep sell-offs on Thursday, with the US-China tech tussle worrying investors who are concerned about ramifications on global tech supply chains. AEM Holdings skidded six Singapore cents or 6.5 per cent to end at S$0.87. Hi-P International finished eight cents or 6.6 per cent lower at S$1.14 while Venture Corp dropped S$0.46 or 3 per cent to S$14.97.
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