SATS, SIA lead Singapore stock market tumble on Iran war fears; STI down 2.1%
Sign up now: Get ST's newsletters delivered to your inbox
Across the wider Singapore market, decliners outpaced advancers 511 to 191, with 2.5 billion securities worth $3.8 billion changing hands.
ST PHOTO: AZMI ATHNI
Jude Chan
SINGAPORE - Ground handling and in-flight catering service provider SATS and flagship carrier Singapore Airlines led a steep decline among Singapore stocks
The benchmark Straits Times Index (STI) fell 2.1 per cent, or 104.21 points, to finish at 4,890.86, with 25 of the 30 blue-chip index constituents logging losses.
Across the wider Singapore market, decliners outpaced advancers 511 to 191, with 2.5 billion securities worth $3.8 billion changing hands.
SATS was the biggest loser among the blue-chip counters, retreating 5.9 per cent, or 23 cents, to close at $3.69. SIA fell 4.7 per cent, or 34 cents, to $6.84.
The top gainer among the STI constituents was defence contractor ST Engineering, which gained 2.8 per cent, or 28 cents, to $10.25.
The trio of local banks all closed lower. DBS Bank lost 2.6 per cent, or $1.49, to finish at $55.63, OCBC Bank fell 2.3 per cent, or 50 cents, to $20.93, and UOB declined 1.8 per cent, or 67 cents, to $36.30.
Meanwhile, the iEdge Singapore Next 50 Index gained 0.4 per cent to finish at 1,510.50 points. Geo Energy Resources was the biggest gainer on the index, climbing 3.6 per cent, or 1.5 cents, to 43 cents.
DBS chief investment officer Hou Wey Fook said: “We expect the usual flight to safety to take place this week, as investors flock to treasuries and gold. As the Iranian crisis continues, we see strong tailwinds for gold as the investors seek to protect their portfolios from geopolitical headwinds.”
Key regional indexes fell amid the global uncertainty. Hong Kong’s Hang Seng Index fell 2.1 per cent, Japan’s Nikkei 225 index dropped 1.4 per cent, South Korea’s Kospi shed 1 per cent, and the FTSE Bursa Malaysia KLCI declined 1 per cent. THE BUSINESS TIMES
