ST Engineering shares soar 8.8% as conflict in Iran continues

[SINGAPORE] Shares of ST Engineering jumped as much as 8.8 per cent on Tuesday (Mar 3) as the US-Israel-Iran conflict continued for a fourth day.

The counter climbed S$0.90 to S$11.15 as at 9.29 am, posting a second straight day of gains after having closed 2.8 per cent up the previous day.

Analysts had said that the defence sector was likely to see gains amid the conflict, buoyed by the prospect of rising global defence budgets.

“ST Engineering is looking to double its international sales this year, with the Middle East as its major market,” said PhillipCapital analysts on Monday.