Singapore stocks slip on fresh US-Iran clashes; STI down 0.1%

[SINGAPORE] Singapore stocks ended lower on Tuesday (May 5), with investors on edge after the US and Iran launched fresh attacks in Gulf waters.

The benchmark Straits Times Index (STI) lost 0.1 per cent or 3.7 points to finish at 4,920.61.

Frasers Logistics & Commercial Trust led the gainers on Singapore’s blue-chip index, rising 2.1 per cent or S$0.02 to end at S$0.99.

The worst performer among STI constituents was Venture Corporation , falling 3.6 per cent or S$0.61 to close at S$16.48, as it traded ex-dividend.

The three local banks ended mixed on Tuesday. UOB rose 0.3 per cent or S$0.11 to S$36.28, while DBS finished 0.1 per cent or S$0.05 lower at S$58.55. OCBC finished 0.2 per cent or S$0.04 lower at S$21.83.

Within the iEdge Singapore Next 50 Index, Golden Agri-Resources was the top gainer, rising 6.2 per cent or S$0.02 to finish at S$0.345.

Food Empire was the biggest loser, falling 8.6 per cent or S$0.28 to end the session at S$2.99.

Across the broader market, gainers trailed losers 247 to 334, after 1.7 billion securities worth S$1.7 billion changed hands.

Key regional indices were mixed. Hong Kong’s Hang Seng Index lost 0.8 per cent and the FTSE Bursa Malaysia KLCI rose 0.4 per cent.

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“The conflict is having the greatest impact on energy supplies rather than on other sectors, and alternative trade routes are ensuring resilience,” said Norbert Rucker, head of economics and next generation research at Julius Baer.

“This gives the conflict room to de-escalate, but a partial normalisation of trade around the Strait of Hormuz later this year, beyond the summer, remains essential,” he added.