Analyst flags the risk that the conflict among major Middle East states could spread beyond the region
SINGAPORE shares ended higher on Wednesday (Oct 2), even as most regional exchanges ended in the red.
The benchmark Straits Times Index (STI) rose 0.1 per cent or 3.71 points to 3,584.67.
Across the broader market, advancers beat decliners 383 to 238, as 1.5 billion shares worth S$1.6 billion were traded over the day.
The biggest gainer on the STI was DFI Retail Group, which climbed 4.1 per cent, or US$0.09 to close at US$2.27.
The biggest decliner on the index was offshore and marine company Seatrium. The counter slid 2.2 per cent or S$0.04 to close at S$1.75.
Casino operator Genting Singapore was the most actively traded counter by volume, with 64.1 million shares worth S$56.4 million traded. The counter rose 0.6 per cent or S$0.005 to close at S$0.88.
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Within the region, Hong Kong’s Hang Seng Index was up 6.2 per cent, ending at its highest since January 2023.
However, other regional markets were in the red. Australia’s ASX 200 fell by 0.1 per cent, and Japan’s Nikkei dropped by 2.2 per cent. South Korea’s Kospi fell 1.2 per cent.
Stephen Innes, the managing partner at SPI Asset Management, said that markets are “jittery” about the looming threat of a broader conflict between major regional powers in the Middle East.
The potential fallout from the ongoing conflict between Israel and Iran could ripple far beyond the region, he said.
He added: “Any escalation could send shockwaves through global economies.”
