Singapore shares plunged on Wednesday, losing more than 2% while tracking losses across the region as tensions grew in the Middle East, with investors concerned about the economic impact of the ongoing war.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,770.54 and 4,900.49 throughout the day. It ended the session at 4,812.75, down 103.90 points or 2.1% compared to Tuesday's close.

In economic news, the S&P Global Singapore Purchasing Manager's Index posted above the 50.0 no-change mark for the 13th straight month in February, according to data released by S&P Global.

Keppel, ST Engineering down over 5%; SGX, Genting Sing down around 3%; SIA, Singtel down 2%; DBS down 1%.

On the corporate front, shares of Wilmar International were down nearly 4% at the close as its Indonesian unit's head of social security legal, Muhammad Syafei, was given a six-year imprisonment sentence and a fine of 300 million Indonesian rupiah by the Central Jakarta District Court.

DFI Retail Group shares were up nearly 4% as it logged a profit attributable to shareholders of $235 million in 2025, against an attributable loss of $245 million a year earlier.

Meanwhile, shares of Rex International closed nearly 3% higher as its subsidiary, Lime Petroleum, is conducting a strategic and financial review and is in the process of naming a chief restructuring officer.