Singapore Shares Crash as Middle East Tensions Weigh; OCBC Gains on Steady Q1 Growth
Singapore shares closed in negative territory on Friday, joining a regional retreat as investors reacted to news of the latest military strikes between the U.S. and Iran.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,895.09 and 4,939.10 throughout the day. It ended the session at 4,921.90, down 20.06 points or 0.4% compared to Thursday's close.According to Iranian news agencies, explosions were heard near the city of Bandar Abbas, with the Tehran regime responding by attacking US military vessels.On the corporate front, Oversea-Chinese Banking Corp. or OCBC's (SGX:O39) net profit attributable to equity holders rose 5% in the first quarter of the year to SG$1.97 billion from SG$1.88 billion a year earlier. Its shares were marginally up at the close.Shares of AvePoint (SGX:AVP) were up nearly 2% at the close as it booked a higher net income of $15.3 million during the first quarter of the year compared with $3.6 million a year earlier.Meanwhile, shares of Frasers Property (SGX:TQ5) closed nearly 3% lower, as its attributable profit to owners dropped by 38% during the fiscal first half ended March 31 to SG$88.4 million from SG$142.2 million a year earlier.