SINGAPORE stocks ended higher on Monday (Apr 22), tracking regional gains amid expectations of lower geopolitical tensions between Israel and Iran.

The Straits Times Index (STI) rose 1.5 per cent or 48.66 points to 3,225.17. Across the broader market, gainers outnumbered losers 363 to 235, after two billion securities worth S$1.3 billion changed hands.

Elsewhere in Asia, the Nikkei 225 gained 1 per cent, the Hang Seng Index climbed 1.8 per cent, the Kospi Composite Index rose 1.5 per cent and the FTSE Bursa Malaysia KLCI was up 0.8 per cent.

The relief among Asian stocks follows the heavy sell-off in global equities over the past week, and comes amid expectations that geopolitical tensions between Israel and Iran may fizzle off given Iran’s tame response, said Yeap Jun Rong, market analyst at IG.

But mixed performance in the US may have impacted Monday’s Asian session, while some investors took a wait-and-see position amid a quiet economic front to start the week, Yeap added.

On the STI, Seatrium was the biggest gainer, rising 7.8 per cent or S$0.006 to S$0.083.

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Meanwhile, Sembcorp Industries was one of the biggest decliners, falling 0.6 per cent or S$0.03 to S$5.29.

The local banks ended mixed on Monday.

DBS, which began trading ex-bonus on Monday, fell 6.4 per cent or S$2.34 to S$34.07.

The lender said during its FY2023 fourth quarter results that it would issue a share for every 10 shares held, in a bid to boost shareholder returns. After adjusting for the bonus issue, DBS shares closed 2.9 per cent or S$0.97 higher.

As for OCBC, the counter gained 1 per cent or S$0.14 to S$13.83, while UOB rose 1.7 per cent or S$0.52 to S$30.45.