STI falls 1.2% as Brent price rises above US$100
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The benchmark Straits Times Index lost 1.2 per cent or 58.61 points to finish at 4,944.11.
ST PHOTO: AZMI ATHNI
Tay Peck Gek
SINGAPORE - Singapore blue chips closed lower on April 23 as Brent crude oil breached US$100 a barrel amid persistent tensions in the Middle East.
The benchmark Straits Times Index (STI) lost 1.2 per cent or 58.61 points to finish at 4,944.11.
Thai Beverage led the gainers on Singapore’s blue-chip index, rising 3.7 per cent to 42.5 cents. It was one of the four STI stocks that managed to eke out an increase.
The worst performer was Hongkong Land, which fell 4 per cent to close at US$7.60.
The local banks all ended lower. DBS Bank edged down 0.4 per cent to $57, OCBC Bank dropped 3.5 per cent to $21.80 as it went ex-dividend, and UOB fell 0.3 per cent to $36.90.
Within the iEdge Singapore Next 50 Index, Olam Group was the index’s top gainer, rising 6.7 per cent to finish at $1.04, while Hong Leong Asia was the biggest loser, falling 4.4 per cent to end the session at $3.25.
Across the broader market, losers beat gainers 389 to 226, with 1.8 billion securities worth $2.3 billion changing hands.
Key regional indexes were mainly down. Hong Kong’s Hang Seng Index lost 1 per cent, Japan’s Nikkei 225 index fell 0.8 per cent. However, South Korea’s Kospi was up 0.9 per cent.
Mr Vishnu Varathan, head of macro strategy for Asia-Pacific at Mizuho Securities (Singapore), noted that as tensions persist in the Strait of Hormuz – with both US and Iran seizing or attacking vessels – Brent is being pushed back above US$100 a barrel and risk appetite likely checked at the margin.
The US military had intercepted several Iranian oil tankers in Asian waters recently, reigniting concerns that the Middle East conflict could be prolonged. THE BUSINESS TIMES
