The game began badly for Alloa's Michael Hazeldine, the striker leaving the field with blood pouring from a head wound but he was quickly patched up by the physio and after returning to the fray, immediately tested Rovers' keeper Michael Brown with a firmly struck shot on the turn.
The home side responded with a long range effort from Kevin Fotheringham which flew over the crossbar and they almost took the lead in the 18th minute when a cross from Steve Manson was deflected goalwards by Wasps defender David McClune, with only a superb reaction save by Allan Creer preventing an own goal.
Both Sean Kilgannon and Paul McManus tested Creer but the best chance of the first half fell to the visitors, John Grant connecting with a Robert Sloan cross only to watch the ball slip narrowly wide of goal.
Raith forced a succession of corners during the early stages of the second half but failed to create any serious chances, although Alloa keeper Creer was forced to make another superb save when he was almost caught out by a deflected effort from Rovers sub Iain Davidson.
Armand One then headed against the crossbar as Raith pushed for the winner but the visitors held on for a valuable point.