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India-Pakistan tensions send Singapore shares down 0.4% on Wednesday

AFTER starting Wednesday's trading session in the black, the Singapore market swung into the red on escalating geopolitical tensions after Pakistan said it had shot down two Indian jets in its territory.

The Straits Times Index closed 11.64 points or 0.4 per cent lower at 3,250.02.

Trading on the Singapore bourse clocked in at about 1.25 billion securities worth S$1.22 billion in total changing hands. Losers outnumbered gainers 244 to 174.

Shares in casino operator Genting Singapore were the bourse's most traded on the day. They ended flat at S$1.04 with 42.8 million shares traded.

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Pennies saw heavy trading, with the most actively traded on the day being KrisEnergy. The upstream oil and gas firm's counter closed 0.6 Singapore cent or 7.4 per cent lower at 7.5 Singapore cents with 29.9 million shares changing hands a day after recording a higher net loss for the fourth quarter of US$97.33 million, up from US$87.57 million in the year-ago period.

Among STI constituents, Yangzijiang Shipbuilding ended the session flatĀ at S$1.46.

Best World International shares rose as much as 8.3 per cent on Wednesday after the direct-selling group posted a fourth-quarter net profit of S$28.1 million, up 28.9 per cent from the same period a year earlier. The counter eventually closed at three Singapore cents or 1.2 per cent up at S$2.56.