Singapore Shares Fall 0.8% as US-Iran Tensions Rise, May 29

Singapore’s benchmark Straits Times Index fell 0.8% to 4,989.19 on May 28 as renewed US military strikes on Iran dampened investor risk appetite across the region. The broader market saw losers outnumber gainers 405 to 248. However, individual stocks posted sharp gains on corporate announcements, signaling selective strength in the market.

Market Retreat on Geopolitical Risk

The STI lost 39.61 points as regional tensions escalated. The index ranged between 4,978.80 and 5,035.58 throughout the session. Across the broader market, 2 billion securities worth S$2.8 billion changed hands. Banks all finished lower. DBS slipped 0.1% to S$61.93, OCBC lost 0.9% to S$23.16, and UOB fell 0.1% to S$37.69.

Ascent Bridge Zooms 50% on Joint Venture Deal

Ascent Bridge (SGX:AWG) shares surged over 50% after the company signed a cooperation framework agreement with Scinosen (Shenzhen) Gene Industry Development to establish a joint venture in Singapore. The stock closed at S$0.39, up S$0.06 from the previous session. This corporate deal provided a bright spot amid the broader market decline.

Koh Brothers Eco Jumps 22% on Mainboard Transfer

Koh Brothers Eco Engineering (SGX:5HV) shares surged nearly 22% after the company submitted an application to transfer from Catalist to the SGX-ST mainboard on May 26. The stock closed at S$0.161, up S$0.029. A mainboard transfer typically signals improved credibility and access to capital for smaller-cap companies.

Oil Markets Remain Volatile on Geopolitical Tug of War

Oil prices advanced following a drop of more than 5% on Wednesday. Analysts noted the market remains caught between escalation fears and ceasefire hopes. Recent military attacks cast doubt on earlier reports of progress in negotiations, keeping energy markets unsettled and adding pressure to regional equities.

Final Thoughts

Singapore’s market fell 0.8% on US-Iran tensions, but corporate news drove selective gains. With Meyka rating the Japanese engineering stocks covered here at B+ grades, the data points to a mixed near-term outlook as geopolitical risk weighs on sentiment.

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