Across the broader market, losers beat gainers 304 to 280 after 1.4 billion securities worth S$2 billion change hands
[SINGAPORE] Stocks on the local bourse closed higher on Friday (Feb 20), even as regional markets turned in a mixed performance with investors evaluating escalating US-Iran tensions.
The benchmark Straits Times Index (STI) gained 0.3 per cent or 16.04 points to finish at 5,017.60. Meanwhile, the iEdge Singapore Next 50 Index gained 0.7 per cent or 10.48 points to 1,521.21.
Across the broader market, losers beat gainers 304 to 280 after 1.4 billion securities worth S$2 billion changed hands.
The top performer among the STI constituents was Yangzijiang Shipbuilding , which gained 2.5 per cent or S$0.09 to end at S$3.73.
CapitaLand Investment came in at the bottom of the table, falling 1.3 per cent or S$0.04 to close at S$3.11.
The three local banks ended mixed on Friday. DBS rose 0.6 per cent or S$0.37 to S$57.99, OCBC was up 0.6 per cent or S$0.13 at S$21.72, and UOB slid 0.2 per cent or S$0.06 to S$38.60.
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Elsewhere in the region, key indices were mixed. Hong Kong’s Hang Seng Index and Japan’s Nikkei 225 both fell 1.1 per cent. South Korea’s Kospi rose 2.3 per cent, while Malaysia’s FTSE Bursa Malaysia KLCI was almost flat.
This came amid oil prices rising to its highest level since August, following heightened geopolitical risks after US President Donald Trump warned Tehran that it had a “maximum” 15 days to reach a deal with the US or “bad things will happen”.
“Market reactions from a risk scenario would include a rise in commodity prices including gold, and more volatile equity markets, as the energy sector adjusts,” said Dr Nannette Hechler-Fayd’herbe, chief investment officer for EMEA and head of investment strategy, sustainability and research at Lombard Odier.
The private bank also expects “strong demand for haven assets, and government bond yield curves to steepen as inflation expectations rise and central banks assess the prospect of slower economic growth”, she added.
Dr Hechler-Fayd’herbe said the bank’s base case remains a negotiated outcome, noting that this view is consistent with the relative calm seen in financial markets so far.
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