Singapore stocks falter amid US-Iran stand-off; STI down 0.3%
Sign up now: Get ST's newsletters delivered to your inbox
The benchmark Straits Times Index fell 0.3 per cent, or 14.39 points, to close at 4,958.01.
ST PHOTO: AZMI ATHNI
SINGAPORE - Stocks on the local bourse ended lower on April 7 as key Asian markets delivered mixed results, after US President Donald Trump announced a deadline to target Iranian power plants.
The benchmark Straits Times Index (STI) fell 0.3 per cent, or 14.39 points, to close at 4,958.01.
Across the broader market, gainers outnumbered decliners 218 to 206, with 1.1 billion securities worth $1.5 billion traded.
DFI Retail Group led the gainers on the blue-chip index as it rose 3.4 per cent or 15 US cents to end at US$4.54. Jardine Matheson was the biggest decliner, falling 1.8 per cent or US$1.33 to close at US$72.92.
The three local banks closed lower, with OCBC Bank losing 0.6 per cent or 14 cents to $22.30, DBS Bank slipping 0.3 per cent or 16 cents to $57.47, and UOB down 0.1 per cent or three cents at $36.87.
The iEdge Singapore Next 50 Index edged down 0.1 per cent or 0.93 point at 1,466.43.
Yangzijiang Financial was the top gainer on the index, rising 4 per cent or one cent to 26 cents, while Pan-United Corporation was the biggest loser, dropping 1.8 per cent or three cents to $1.68.
Key regional indexes ended mixed. Japan’s Nikkei 225 rose 0.03 per cent and South Korea’s Kospi gained 0.8 per cent.
Meanwhile, Malaysia’s FTSE Bursa KLCI declined 0.2 per cent, and Hong Kong’s Hang Seng Index fell 0.7 per cent.
US stocks, however, advanced on April 6. This comes as investors weighed the prospects of a US-Iran ceasefire against Mr Trump’s escalating threats, if Iran fails to reopen the Strait of Hormuz.
“Trump’s deadlines still move markets, but the impact is gradually becoming smaller,” said Mr James Ooi, market strategist at Tiger Brokers.
He noted that investors are drawing parallels to 2025’s tariff deadlines which were often extended, and are starting to anticipate a more favourable outcome, referred to as Taco (Trump always chickens out).
Mr Ooi cautioned that a truce could spark a strong rally, while further escalation, particularly if it pushes up oil prices, could trigger a sharper sell-off. For now, he observed, the markets appear to be pricing in limited downside risk. THE BUSINESS TIMES
