Singapore Tech Stock Rout Intensifies With $110 Billion Wipeout
- Grab, Sea shares have fallen more than 50% each this year
- MSCI Singapore gauge is lagging Straits Times Index by 19 ppts
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Investors betting on Singapore’s two largest internet companies are staring down hefty losses as rising interest rates and recession risks extended a tech rout that wiped out $110 billion from their market capitalization.
E-commerce platform operator Sea Ltd. plunged 78% this year while ride-hailing firm Grab Holdings Ltd. has more than halved. The two companies, both listed in New York, are the largest tech firms in Singapore by market value.