Singapore stock market nears its historical high as warfare enhances its safe-haven appeal

Glonghui, April 13 — Amid global market turmoil, the country's assets are seen as a safe haven. Since the outbreak of the Iran war in February led to a surge in global energy prices, the impact on the Asia-Pacific region has been minimal. With the Singapore dollar outperforming other Southeast Asian currencies, it is expected to become the first major Asian market to reach a new high since the onset of the war. However, the United States and Iran failed to reach an agreement over the weekend. U.S. President Donald Trump stated that the U.S. will begin a full blockade of the Strait of Hormuz, laying the groundwork for a new round of global market volatility. The Asian index fell 4.9%.