Singapore stocks fall as Iran war cripples Asian markets; STI down 2.1%
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The benchmark Straits Times Index fell 103.9 points to close at 4,812.75.
ST PHOTO: AZMI ATHNI
Jude Chan
- Singapore's Straits Times Index fell 2.1% on March 4, influenced by the Middle East conflict and rising oil prices.
- Asian markets saw a sharp sell-off, with South Korea's Kospi dropping 12.1%, its biggest fall in 46 years.
- Saxo's strategist warned markets reflect a prolonged Middle East conflict, leading to widespread selling and deleveraging across asset classes.
AI generated
SINGAPORE - Stocks in Singapore fell on March 4 as the ongoing conflict in the Middle East rattled global markets and sent oil prices sharply higher.
The benchmark Straits Times Index (STI) fell 2.1 per cent or 103.9 points to close at 4,812.75.
This was in line with a sharp sell-off across key Asian markets. South Korea’s Kospi sank 12.06 per cent – the biggest drop in its 46-year history – while Japan’s Nikkei 225 slid 3.6 per cent, Hong Kong’s Hang Seng Index fell 2 per cent, and the FTSE Bursa Malaysia KLCI lost 0.8 per cent.
Across the broader Singapore market, losers outnumbered gainers 564 to 172, after 2.4 billion securities worth $3.6 billion changed hands.
“Asia’s sell-off is turning disorderly because markets are no longer treating this as a ‘one-week headline shock’,” said Saxo chief investment strategist Charu Chanana, adding that the pricing “reflects a conflict that could drag on, with spillover risk rising rather than fading”.
“The ‘sell what you can’ phase is spreading: Liquidity needs are pulling down even precious metals, which looks less like a clean rotation and more like deleveraging and margin-driven selling across asset classes.”
DFI Retail Group was the sole gainer among Singapore’s blue-chip index constituents. The counter rose 3.9 per cent or 16 US cents to US$4.30.
The worst STI performer was Keppel, which fell 5.9 per cent or 75 cents to $12.
The trio of local banks all finished lower. DBS slipped 1.1 per cent or 60 cents to $55, OCBC shed 1 per cent or 21 cents to $20.90, and UOB fell 1.4 per cent or 51 cents to $35.83.
Meanwhile, the iEdge Singapore Next 50 Index retreated 0.5 per cent or 7.34 points to close at 1,474.45. THE BUSINESS TIMES
