Singapore shares rise on Israel-Iran ceasefire; STI up 0.7%

Local shares ended higher on Tuesday (Jun 24), tracking a rally on Wall Street after the US brokered a ceasefire in the conflict between Israel and Iran.

The benchmark Straits Times Index (STI) gained 0.7 per cent or 25.04 points to 3,904.3. Across the broader market, gainers outnumbered losers 346 to 174, after 1.2 billion securities worth S$1.4 billion changed hands.

Elsewhere in Asia, key indices largely closed higher. The Hang Seng Index rose 2.1 per cent, the Nikkei 225 gained 1.1 per cent, while the Kospi Composite Index was up 3 per cent.

Meanwhile, the FTSE Bursa Malaysia KLCI lost 0.2 per cent.

James Ooi, market strategist at Tiger Brokers, said there were already signs of a relatively muted market impact from the Israel-Iran conflict, and investors now appear to be pricing in a potential extension of the ceasefire.

But investors still need to remain cautious, Ooi said.

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“If the conflict re-escalates, particularly if oil prices spike again, it could reignite inflation fears and trigger renewed market volatility,” he said.

In the meantime, market participants are likely to stay focused on larger macro drivers such as ongoing tariffs, deregulations, tax cuts, and US President Donald Trump’s anticipated “Big Beautiful Bill”, he added.

On the STI, Jardine Matheson Holdings was the top gainer, rising 2.3 per cent to US$46.35.

Singtel was the biggest decliner, falling 1.5 per cent to S$3.83.

The local banks were up. DBS gained 1 per cent to S$44.30, OCBC rose 1.4 per cent to S$16.16, while UOB closed 1.6 per cent higher at S$35.32.