STI, semiconductor stocks fall, as Genting, Sembcorp, SGX decline

[SINGAPORE] Shares of some Straits Times Index (STI) constituents and semiconductor firms fell on Friday (Aug 8), on the impact of earnings reports as well as the US-imposed tariffs kicking in.

Sembcorp suffered the steepest decline of close to 14 per cent on Friday morning, down to S$6.65 as at 9.04 am from its open price of S$7.05. The group before the market opened had reported earnings that fell 1 per cent to S$536 million for the first half ended Jun 30, on the back of lower turnover from its gas business. The counter closed 13.9 per cent or S$1.08 lower at S$6.72 at the end of Friday.

Genting Singapore was down as much as nearly 4 per cent, but subsequently declined 3.31 per cent to S$0.73 at 9.29 am. It fell to an intra-day low of S$0.725 at 10.01 am. The company had reported on Thursday after market close a H1 profit that fell 34 per cent to S$234.7 million, on weaker gaming and room revenue. It closed on Friday at S$0.745, down S$0.010 or 1.3 per cent.

The shares of national carrier Singapore Airlines (SIA) fell by more than 4 per cent to S$6.52 at 9.06 am, while OCBC fell 2.46 per cent to S$16.67. Both companies went ex-dividend on Friday. Shares of SIA closed the day at S$6.53, down 4.4 per cent or S$0.30, while the local bank’s shares ended 1.8 per cent or S$0.30 lower at S$16.79.

SGX rose to S$16.58 at 9.05 am, but declined to S$16.26 by 10.37 am and closed 2 per cent or S$0.32 down at S$16.02. The Singapore bourse posted a 2.6 per cent decline in H2 net profit on Friday, although it reported its highest-ever full-year revenue and net profit since listing.

The STI was down 0.61 per cent on Friday morning, and ended the day 0.4 per cent or 18.32 points lower at 4,239.83. Losers outnumbered gainers 344 to 190, after 1.3 billion securities valued at around S$2 billion changed hands.

The counters of a slew of semiconductor companies in Singapore also fell following US President Donald Trump’s announcement on Thursday that he would slap a 100 per cent tax on imports of semiconductors produced outside the US.

Overall higher US tariffs came into effect on Thursday, with duties at a baseline rate of 10 per cent for many countries, and between 15 and 41 per cent for others.

UMS declined by more than 5 per cent, but pared those losses to stand at about 2 per cent down at S$1.49. The counter closed Friday 2.6 per cent lower at S$1.48.

Frencken earlier also tumbled by over 5 per cent, but ended Friday 2.4 per cent to S$1.63. AEM lost as much as 4.5 per cent, and closed the day 3.2 per cent lower at S$1.52.

Analysts had earlier predicted that Trump’s announcement might affect semiconductor-related companies in Singapore and Malaysia.

CGS International (CGSI) said in a Friday report that Frencken would be indirectly exposed through Dutch semiconductor giant ASML and US company Applied Materials, which supply equipment to the semiconductor industry.

AEM is more directly affected because it ships to Intel – and Intel’s main test and assembly is outside the US, CGSI noted. But it added that Intel might have room to negotiate as it has invested in the US.

CGSI said: “Eventually, the worst-case scenario over time is likely some demand destruction as customers, suppliers and consumers in the US all bear part of the higher tariff, so further tech innovation demand (resulting in new exciting tech products) is needed.”

It added: “The outlook for tech in H2 2025 remains muted as tariffs continue to render cautious and slow decision-making.”

The Straits Times reported that the proposed tariff would weigh heavily on companies in Singapore that package semiconductors, and potentially those producing components and intermediate products that are part of the chip-supply chain.

The semiconductor industry accounts for nearly 6 per cent of Singapore’s gross domestic product, based on the Economic Development Board’s 2025 data.

Tech stocks in Malaysia already fell on Thursday when the news broke. It triggered declines in 71 technology counters on Bursa Malaysia.

Last year, Malaysia exported nearly RM120 billion (S$36.4 billion) in electrical and electronics products to the US, accounting for a fifth of its total electrical and electronics exports. Semiconductor exports alone amounted to RM60.6 billion or about 20 per cent of Malaysia’s total chip shipments.