Singapore stocks end lower on Thursday amid geopolitical uncertainty; STI down 0.6%
Across the broader market, decliners outnumber advancers 368 to 210, after 1.5 billion securities worth S$1.7 billion change hands
[SINGAPORE] Local stocks ended lower on Thursday (Apr 2) as regional indices also closed in the red.
This followed 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 S$0.05 to finish at S$2.12. Food Empire was the top decliner, falling 6.1 per cent or S$0.19 to end the session at S$2.90.
Across the broader market, decliners outnumbered advancers 368 to 210, after 1.5 billion securities worth S$1.7 billion changed hands.
DFI Retail Group led the gainers on the STI, rising 1.4 per cent or US$0.06 to end at US$4.34. The biggest decliner was Hongkong Land , falling 3.8 per cent or US$0.31 to close at US$7.79.
Navigate Asia in
a new global order
Get the insights delivered to your inbox.
The local banks ended the day mixed. DBS closed flat at S$57.55. OCBC fell 0.8 per cent or S$0.17 to S$22.38 and UOB was down 0.3 per cent or S$0.12 at S$36.91.
Key regional indices 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 Trump’s address on Wednesday night on the Iran conflict introduced fresh uncertainty around the trajectory and outcome of the war, said Nigel Green, the CEO of global financial advisory giant deVere Group.
His comments came as investors reassess 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,” said Green.
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.
Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.
