S’pore stocks, gold extend drop as Middle East crisis deepens

The benchmark Straits Times Index is down over 140 points, or about 2.9%. Read more at straitstimes.com.

SINGAPORE - Singapore stocks and gold prices fell as the widening crisis in the Middle East pushed oil prices above US$100 a barrel, stoking fears that a fresh bout of inflation could complicate the outlook for global interest rates.

The benchmark Straits Times Index opened at 4,707.41 on March 9, down 140.59 points, or 2.9 per cent.

Singapore Airlines was among the biggest decliners on the index, falling 4.21 per cent to $6.37 as at 10.30 am on March 9, as global air travel remain disrupted in the second week of the conflict.

Yangzijiang Shipbuilding also fell, dipping nearly 5 per cent to $3.99 after climbing more than 16 per cent the previous week following its earnings announcement.

The maritime company had reported a net profit of 4.5 billion yuan (S$827.4 million) for the second half ended Dec 31, 2025, up 24.6 per cent from 3.6 billion yuan in the same period a year earlier.

Aviation and shipping have been weighed down by a surge in oil prices, driven by strikes on energy infrastructure and disruptions to shipping through the Strait of Hormuz, which carries about 20 per cent of the world’s oil trade. Several Gulf nations have also cut oil output, raising fears of tighter crude supplies.