Singapore stocks end lower on April 2 amid geopolitical uncertainty; STI down 0.6%
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Across the broader market, decliners outnumbered advancers 368 to 210, after 1.5 billion securities worth $1.7 billion changed hands.
ST PHOTO: AZMI ATHNI
Ranamita Chakraborty
- Singapore stocks fell as the Straits Times Index (STI) declined 0.6% to 4,947.50, influenced by President Trump's Iran conflict comments.
- DFI Retail Group gained 1.4% on the STI, while Hongkong Land fell 3.8%; local banks showed mixed performance.
- Global markets face volatility due to uncertainty around the Iran conflict, says deVere Group CEO Nigel Green.
AI generated
SINGAPORE - Local stocks ended lower on April 2 as regional indexes also closed in the red.
This followed US President Donald Trump’s announcement that the US would continue its attacks on Iran without committing to a specific timeline to end the conflict, sparking investor concerns.
The benchmark Straits Times Index (STI) lost 0.6 per cent, or 28.33 points, to finish at 4,947.50. Meanwhile, the iEdge Singapore Next 50 Index gained 1.3 per cent, or 18.22 points, to 1,467.36.
On the iEdge Singapore Next 50 Index, China Aviation Oil was the top gainer, rising 2.4 per cent, or five cents, to finish at $2.12. Food Empire was the top decliner, falling 6.1 per cent, or 19 cents, to end the session at $2.90.
Across the broader market, decliners outnumbered advancers 368 to 210, after 1.5 billion securities worth $1.7 billion changed hands.
DFI Retail Group led the gainers on the STI, rising 1.4 per cent, or six US cents, to end at US$4.34. The biggest decliner was Hongkong Land, falling 3.8 per cent, or 31 US cents, to close at US$7.79.
The local banks ended the day mixed. DBS Bank closed flat at $57.55. OCBC Bank fell 0.8 per cent, or 17 cents, to $22.38, and UOB was down 0.3 per cent, or 12 cents, at $36.91.
Key regional indexes were in negative territory. Hong Kong’s Hang Seng Index lost 0.7 per cent, Japan’s Nikkei 225 index fell 2.4 per cent, South Korea’s Kospi was down 4.5 per cent, and the FTSE Bursa Malaysia KLCI declined 0.6 per cent.
Global markets are likely to face renewed volatility after Mr Trump’s address on the Iran conflict on the night of April 1 introduced fresh uncertainty around the trajectory and outcome of the war, said Mr Nigel Green, chief executive of global financial advisory giant deVere Group.
His comments came as investors reassess their positioning following a speech that combined signals of a near-term conclusion with continued threats of escalation and no clear resolution on key risks, including control of the Strait of Hormuz.
“Markets were beginning to price in more certainty, but this speech reintroduces more ambiguity,” Mr Green said.
He noted that while “markets had been pricing a shorter, contained conflict”, this speech is far less definitive, and that uncertainty is likely to drive volatility across asset classes. THE BUSINESS TIMES
