SATS, SIA lead Singapore stock market tumble on Iran war fears; STI down 2.1%

Of the 30 counters on the blue-chip index, 25 ended the day in the red. Read more at straitstimes.com.

SINGAPORE - Ground handling and in-flight catering service provider SATS and flagship carrier Singapore Airlines led a steep decline among Singapore stocks on March 2, after the US and Israel’s strikes on Iran left global air travel in turmoil.

The benchmark Straits Times Index (STI) fell 2.1 per cent, or 104.21 points, to finish at 4,890.86, with 25 of the 30 blue-chip index constituents logging losses.

Across the wider Singapore market, decliners outpaced advancers 511 to 191, with 2.5 billion securities worth $3.8 billion changing hands.

SATS was the biggest loser among the blue-chip counters, retreating 5.9 per cent, or 23 cents, to close at $3.69. SIA fell 4.7 per cent, or 34 cents, to $6.84.

The top gainer among the STI constituents was defence contractor ST Engineering, which gained 2.8 per cent, or 28 cents, to $10.25.

The trio of local banks all closed lower. DBS lost 2.6 per cent, or $1.49, to finish at $55.63, OCBC Bank fell 2.3 per cent, or 50 cents, to $20.93, and UOB declined 1.8 per cent, or 67 cents, to $36.30.