Singapore market steady whilst Asia trades mixed under Hormuz pressure

US President Donald Trump said the US Navy would blockade the Strait of Hormuz after failed peace talks.

Singapore shares were steady in early trading on 13 April following an announcement by US President Donald Trump that the US Navy would blockade the Strait of Hormuz after failed peace negotiations involving countries held in Pakistan.

The benchmark Straits Times Index (STI) opened at 4,974.20. It slipped to 4,973.00 at around 9:15 a.m. and declined further to 4,971.110 at 9:55 a.m. The index then rose to 4,976.490 at 10:07 a.m. before holding at about 4,974.190 at 10:30 a.m.

This follows a week where the STI peaked at 5,014.363 on 8 April at 9 a.m before steadily declining throughout the period.

In Hong Kong, the Hang Seng Index opened at 25,708.64. It edged down to 25,544.06 in early trade before recovering slightly to 25,587.31 by mid-morning.

In Japan, the Nikkei 225 opened at 56,421.46. The index rose to 56,732.49 shortly after the open and later traded at around 56,578.19.

In mainland China, the Shanghai Composite Index opened at 3,971.20 rising steadily and peaking at 3,982.36 at 10:35 a.m.

Market movements followed developments in the Middle East involving the Strait of Hormuz with President Trump’s statement regarding a blockade raising potential concerns over supply continuity and shipping access across markets.