Elevated crude prices rein in Singapore shares’ performance; STI down 0.3%
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Decliners beat gainers 313 to 266 across the broader market, with 1.4 billion securities worth $1.8 billion transacted.
ST PHOTO: AZMI ATHNI
Tay Peck Gek
- Singapore shares declined on March 13 due to elevated crude prices caused by the Strait of Hormuz closure.
- ST Engineering saw the largest STI drop at $10.88, while DFI Retail Group rose 4.2 per cent to US$4.69.
- LGT noted investor unease over the Middle East conflict and rising inflation fears due to high oil prices.
AI generated
SINGAPORE – Elevated crude prices reined in the performance of Singapore shares on March 13 as the Strait of Hormuz – the passageway used for transportation of a fifth of the world’s oil – remains effectively shut.
Both the Straits Times Index (STI) and iEdge Singapore Next 50 Index closed lower, by 13.06 points, or 0.3 per cent, at 4,842.27; and 1.57 points, or 0.1 per cent, at 1,443.55, respectively.
The STI was 0.1 per cent lower than a week ago.
Defence and technology powerhouse ST Engineering was the worst STI performer at $10.88, after dropping 2.4 per cent or 27 cents.
DFI Retail Group was at the other end of the spectrum, having risen 4.2 per cent, or 19 US cents, to US$4.69.
The banking trio all ended lower.
OCBC Bank closed 0.6 per cent, or 12 cents, lower at $20.63; and DBS Bank inched down 0.1 per cent, or six cents, to $55.31. UOB dipped 0.2 per cent, or eight cents, to $36.16.
Satellite communications company Addvalue Technologies rose 2.5 per cent, or 0.2 cent, to 8.1 cents after the mainboard-listed company announced plans to unlock market value from its Inter-Satellite Data Relay System business.
Decliners beat gainers 313 to 266 across the broader market, with 1.4 billion securities worth $1.8 billion transacted.
Private banking and asset management group LGT said investors remained unsettled by the war in the Middle East as elevated oil prices – owing to the blockage of transportation through the effectively closed Strait of Hormuz – fanned inflation fears. THE BUSINESS TIMES
