Singapore stocks fall amid mixed regional trading following US strikes on Iran
Singapore stocks fall amid mixed regional trading following US strikes on Iran
SINGAPORE – Local stocks ended lower on June 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 1.16 billion securities worth $1.28 billion changed hands.
Across the region, key indexes 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 Mr Vasu Menon, managing director of investment strategy at OCBC Bank.
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,' Mr 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 $2.20.
Thai Beverage was the top gainer, rising 2.3 per cent to $0.455.
The local banks ended mixed. DBS Bank fell 0.1 per cent to $43.86, UOB lost 0.4 per cent to $34.75, while OCBC rose 0.3 per cent to $15.94. THE BUSINESS TIMES
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