Singapore shares took a hit on Monday over Middle East tensions—STI down by 0.9%

SINGAPORE: Singapore shares hit on Monday as worries about tensions in the Middle East weighed down investor sentiment.

The Business Times reported that the Straits Times Index (STI) opened lower, down by 0.9% or 30.02 points, at 3,186.89 as of 9:01 am local time.

With losers outnumbering gainers 132 to 22, trading was marked by caution as 69.5 million securities worth S$95.7 million changed hands.

Among the most active counters, Seatrium remained steady at S$0.081 after 7.8 million securities were traded.

Singtel dipped by 0.8% to S$2.35 with 6.7 million shares exchanged, while Thai Beverage lost 2%, reaching S$0.48 after 5.3 million securities were swapped.

Banking stocks declined in early trading, with DBS falling by 1.1% to S$35.72, OCBC sliding by 0.9% to S$13.65, and UOB dropping 0.7% to S$29.35.

The downward trend in Singapore mirrored losses in the US market, where concerns over escalating conflicts in the Middle East dominated investor sentiment.

The Nasdaq Composite Index dropped by 1.6% to 16,175.09, the S&P 500 retreated by 1.5% to 5,123.41, and the Dow Jones Industrial Average sank by 1.2% to 37,983.24.

In Europe, shares closed relatively flat on Friday amidst rising geopolitical tensions, offsetting optimism from the European Central Bank’s hint at potential rate cuts.

The pan-European Stoxx 600 managed a modest gain of 0.1%, closing at 505.25. /TISG

Read also: Singapore shares remained relatively unchanged on Friday—STI slightly up by 0.04%

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