SINGAPORE - On April 7, Singapore's Straits Times Index (STI) faced a catastrophic plunge, losing over 325 points—an alarming 8.5% drop—at market open. The cause? Widespread panic surrounding US President Donald Trump’s sweeping tariffs, which many fear could lead to a global recession.

This shocking decline represents the STI's steepest intraday loss since the global financial crisis on October 24, 2008, and surpasses the 8.4% dive experienced during the COVID-19 market crash in March 2020. Investors are left reeling as multiple sectors take severe hits. Here’s a closer look at the biggest losers:

Seatrium

The newly formed company from the merger of Sembcorp Marine and Keppel Offshore & Marine saw its shares plummet by a staggering 14.43% to $1.66. Notably, Seatrium plays a crucial role in providing offshore renewable solutions to clients, including American businesses that may feel the brunt of the tariffs.

Yangzijiang Shipbuilding

This major Chinese shipbuilder's shares dropped 11.52% to $1.92, exacerbated by a US proposal to impose fees on vessels from China. Yangzijiang has a robust order book valued at around $22 billion, but such tariff barriers could significantly impact future contracts.

Keppel Corporation

The global asset manager’s shares fell by 11.2% to $5.90. Recently, Keppel had obtained a license to establish a groundbreaking subsea cable system directly linking Singapore to the US, but its extensive property exposure in tariff-impacted markets like China could weigh heavily on its prospects.

Local Banks: DBS, OCBC, and UOB

All three of Singapore’s major banks experienced sharp declines, with DBS Bank leading the way down nearly 10% to $39.28, marking its first fall below $40 since late 2024. Concerns over slower economic growth could diminish loan demand and customer risk appetite, while prospects of US Federal Reserve rate cuts threaten their net interest margins.

CapitaLand Investments

The real estate company plummeted 8.3% to $2.43, directly affected by President Trump’s latest tariffs, which skyrocketed duties on imports from China. With tensions escalating, CapitaLand's return on investment could face roadblocks.

Singapore Exchange (SGX)