Blue chips close lower in Singapore; STI slides 0.2%

Singapore blue-chip stocks decline as Brent crude price movements hold equities to ransom. Read more at straitstimes.com.

SINGAPORE - Brent crude price movements continue to hold equities to ransom on March 12, with Singapore blue-chip stocks declining after the oil surged above US$100 a barrel.

The Straits Times Index (STI) closed 8.48 points or 0.2 per cent lower at 4,855.33, while the iEdge Singapore Next 50 Index rose eight points or 0.6 per cent to 1,445.12.

DFI Retail Group was the worst STI performer with a 5.3 per cent fall to US$4.50. Meanwhile, its holding company Jardine Matheson topped the blue-chip tally with a gain of 2.2 per cent, finishing at US$76.31.

The banking trio were mixed. OCBC Bank was 11 cents or 0.5 per cent lower at $20.75, and DBS Bank declined 35 cents or 0.6 per cent to $55.37. UOB ended 15 cents or 0.4 per cent higher at $36.24.

Decliners beat gainers 302 to 262 across the broader market, with 1.5 billion securities worth $2 billion transacted.

The global benchmark Brent rocketed by over 10 per cent to US$101.59 a barrel on March 12, while West Texas Intermediate rose to near US$96, fuelled by Iraq’s decision to stop operations at its oil ports after two tankers were targeted.