ST Engineering buoys Singapore stocks as war jitters hit key Asian markets; STI up 0.5%
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Across the broader Singapore market, losers outnumbered gainers 349 to 279, after 2.3 billion securities worth $3 billion changed hands.
ST PHOTO: AZMI ATHNI
Jude Chan
SINGAPORE – Singapore’s benchmark Straits Times Index (STI) eked out a 0.5 per cent gain on March 3, rising 25.79 points to finish at 4,916.65, even as the Iran conflict
This came as several key regional indexes fell sharply. South Korea’s Kospi slumped 7.2 per cent, Japan’s Nikkei 225 slid 3.1 per cent, and Hong Kong’s Hang Seng Index fell 1.1 per cent. The FTSE Bursa Malaysia KLCI climbed 0.7 per cent.
Across the broader Singapore market, losers outnumbered gainers 349 to 279, after 2.3 billion securities worth $3 billion changed hands.
The blue-chip index was lifted by defence contractor ST Engineering, which charged up 7.2 per cent, or 74 cents, to close at $10.99. At the bottom of the STI table was Singapore’s largest real estate investment trust, CapitaLand Integrated Commercial Trust, which fell 1.2 per cent, or three cents, to $2.43.
The trio of local banks ended mixed. DBS slipped 0.1 per cent, or three cents, to $55.60, while OCBC Bank gained 0.9 per cent, or 18 cents, to $21.11 and UOB climbed 0.1 per cent,or four cents, to $36.34.
The iEdge Singapore Next 50 Index retreated 1.9 per cent to close at 1,481.79 points.
In a research report, Pictet Wealth Management said the Iran conflict is “negative for equities in the very short term as markets adjust to the general increase in geopolitical uncertainty and a sharp rise in oil prices”.
While Pictet noted that the negative impact from such events is “usually short-lived”, it warned that should the conflict escalate into a regional war, “investors will need to adjust their positioning”. THE BUSINESS TIMES
