Elevated crude prices rein in Singapore shares’ performance; STI down 0.3%

Singapore shares declined as elevated crude prices and Middle East tensions unsettled investors. STI down 0.3%. Read more at straitstimes.com.

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 points, and 0.1 per cent or 1.57 points at 1,443.55 points, 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, as it ended with a 2.4 per cent or $0.27 drop.

DFI Retail Group was at the other end of the spectrum, having risen 4.2 per cent or US$0.19 to US$4.69.

The banking trio all ended lower. OCBC closed 0.6 per cent or $0.12 lower at $20.63, and DBS inched down 0.1 per cent or $0.06 to $55.31. UOB dipped 0.2 per cent or $0.08 to $36.16.