Singapore shares inch up 0.02% on Monday after US and Iran exchange attacks

[SINGAPORE] Singapore stocks ended slightly higher on Monday (Jul 13), amid a lack of clarity on whether the Strait of Hormuz is open for shipping.

This comes as the US and Iran exchanged new strikes overnight, with both parties issuing contrarian statements on the state of the major waterway, reported Bloomberg.

The benchmark Straits Times Index (STI) edged up 0.02 per cent or 1.05 points to a fresh high of 5,470.34. Across the broader market, gainers trailed losers 244 to 302, after 1.1 billion securities worth S$1.6 billion changed hands.

Singapore bank shares had risen in the past week, and logged a mixed performance on Monday. DBS still rose 0.5 per cent or S$0.34 to S$70.79, with its market capitalisation on Monday crossing S$200 billion.

OCBC was up 0.2 per cent or S$0.05 at S$27.48, while UOB finished 0.9 per cent or S$0.40 lower at S$43.98.

Keppel led the gainers on Singapore’s blue-chip index, rising 1 per cent or S$0.11 to end at S$11.59. The asset manager on Monday said it secured a deal for its fifth and final Bifrost cable pair, such that the value of all five contracts totalled US$1.3 billion.

The worst performer among STI constituents was UOL Group , falling 4.4 per cent or S$0.43 to close at S$9.39.

Within the iEdge Singapore Next 50 Index, First Resources was the top gainer, rising 3.4 per cent or S$0.11 to finish at S$3.32, while Food Empire was the top loser, falling 5.9 per cent or S$0.15 to S$2.38.

Key regional indices were mixed. Hong Kong’s Hang Seng Index gained 0.2 per cent, Japan’s Nikkei 225 index fell 1.9 per cent, South Korea’s Kospi slumped by about 9 per cent and the FTSE Bursa Malaysia KLCI advanced 0.4 per cent.

SEE ALSO

DBS crosses S$200 billion in market capitalisation as earnings optimism drives Singapore bank rally

DBS, OCBC, UOB push STI to new highs as institutions pile in ahead of earnings

Instability in the Middle East has caused oil prices to surge, with Brent crude futures rising about 4.1 per cent to US$79.11. It eased to US$76.46, still up 1.3 per cent as at Monday evening in Asia.

Ipek Ozkardeskaya, senior analyst at Swissquote, said the higher oil prices are fuelling global inflation expectations, and pushing bond yields higher.

“The US two-year Treasury yield, which best reflects expectations for Federal Reserve policy, climbed to its highest level since February 2025, while the Japanese 10-year yield recovered Friday’s losses,” she said.

While there is less appetite for risk in Asia markets under such circumstances, she noted that global chip players ASML and TSMC will also report earnings this week and will likely post “strong results”.

“(This comes as they) are supported by AI-related spending and robust semiconductor demand,” said the analyst.

This article has been written with the assistance of AI and reviewed by a reporter