Singapore Shares Slip Nearly 1% Following Fresh US-Iran Scuffles; Boustead Singapore Plunges 13%
Singapore shares closed in the red on Tuesday, tracking broader regional losses over the recent clash between the US and Iran near the Strait of Hormuz.The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 5,028.80 and 5,072.08 throughout the day. It ended the session at 5,028.80, down 41.75 points or 0.8% compared to Monday's close.The two parties had a skirmish near the Strait, which could have an impact on an interim peace deal.In economic news, Singapore's manufacturing output jumped 17.6% in April, backed by strong growth across almost all clusters, the city-state's Department of Statistics reported.On the corporate front, shares of Boustead Singapore (SGX:F9D) sank over 13% at the close even after its profit attributable to equity holders surged 235% during the fiscal second half ended March 31 to SG$197.7 million from SG$59.1 million a year earlier.SATS' (SGX:S58) shares closed nearly 6% higher as its attributable profit to owners rose to SG$135.4 million in fiscal second half ended March 31 from SG$109.1 million a year earlier.Meanwhile, shares of Global Resource Construction (SGX:S3N) closed nearly 8% higher as its subsidiary, Chip Eng Seng Contractors, secured a civil engineering works project worth SG$95.7 million from the Housing & Development Board.