Singapore tech stock rout wipes out US$110bil

Higher interest rates and a slowing economy could spell another challenging year ahead as investors question their ability to turn a profit.

SINGAPORE: 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 US$110bil (RM486bil) from their market capitalisation.

eCommerce platform operator Sea Ltd plunged 78% this year, while ride-hailing firm Grab Holdings Ltd has more than halved.