Singapore shares end higher on market rebound

SINGAPORE - Local shares ended higher on Tuesday, soaking up the pressure of a further skid in oil prices that has doused the US market in a bearish mood on Monday.

The benchmark Straits Times Index (STI) recovered from Monday's 0. 8 per cent dip to gain 22 points, or 0.67 per cent, closing at 3,319.84 today after an intraday high of 3334.71.

STI's performance was a relative bright spot following the 0.59 per cent fall in Dow Jones Industrial Average at its previous close, while S&P 500 dropped 0.73 per cent - its largest daily percentage drop.

This came as Brent futures for January dropped to a new five-year low at $66.62 per barrel on Monday, sparking a sell-off in energy shares, while doubts over global growth outlook added to the pessimism.

At home, energy plays were equally vulnerable. Ezion dropped a sizable seven cents, or 6.17 per cent, to close at $1.065, furthering the 4.5 cent fall on Monday. Nam Cheong also dipped 2.5 cents or 7.35 per cent to 31.5 cents, while SembCorp Marine closed 2 cents lower at $2.89.

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