Singapore stocks fall amid mixed regional trading following US strikes on Iran

[SINGAPORE] Local stocks ended lower on Monday (Jun 23) amid a mixed trading session in the region, after the US launched strikes on three of Iran’s nuclear facilities over the weekend.

The benchmark Straits Times Index (STI) fell 0.1 per cent or 4.17 points to 3,879.26. Across the broader market, losers beat gainers 269 to 217, after 1.2 billion securities worth S$1.3 billion changed hands.

Across the region, key indices were mixed. Hong Kong’s Hang Seng Index gained 0.7 per cent and the FTSE Bursa Malaysia KLCI rose 0.9 per cent.

Meanwhile, Japan’s Nikkei 225 lost 0.1 per cent and South Korea’s Kospi Composite Index slipped 0.2 per cent.

Markets have been very resilient this year despite tariff shocks, inflation fears and geopolitical concerns, said Vasu Menon, managing director of investment strategy at OCBC.

While these events caused brief sell-offs, stock prices rebounded afterwards, and the snapbacks have been relatively fast and sharp, he noted.

“What’s going for markets is a lot of idle liquidity on the sidelines that could provide market support, should there be sharp pullbacks,” Menon said.

“This means that such pullbacks will offer an opportunity to buy or accumulate, rather than a reason to run for cover.”

On the STI, Yangzijiang Shipbuilding was the biggest decliner, falling 2.2 per cent to S$2.20.

SEE ALSO

US attack on Iran: Market reaction muted, but brace for more volatility ahead, say analysts

Asia: Market trade lower; oil prices spike after US strikes on Iran

Markets set for rocky opening after Trump’s plunge into Middle East war

Stocks to watch: OCBC, Fu Yu, Keppel Infrastructure Trust

More

Thai Beverage was the top gainer, rising 2.2 per cent to S$0.455.

The local banks ended mixed. DBS fell 0.05 per cent to S$43.86, UOB lost 0.4 per cent to S$34.75, while OCBC rose 0.3 per cent to S$15.94.