Singapore blue chips inch up 0.1% as lower oil prices ease war anxieties

Singapore blue chips edged up as lower oil prices ease war anxieties, with the Straits Times Index rising 0.1%. Read more at straitstimes.com.

SINGAPORE - Singapore blue chips edged up on March 11, with the barometer Straits Times Index (STI) finishing 3.17 points or 0.1 per cent higher at 4,863.81 points.

The iEdge Singapore Next 50 Index also rose, by 20.06 points or 1.4 per cent to 1,437.12 points.

Overall, gainers beat decliners 382 to 211 as 1.5 billion securities worth $1.9 billion were transacted.

Private banking and asset management group LGT noted that global equity markets were steadier midweek as oil prices pulled back from recent highs, easing some of the anxiety over the Iran war.

This came as the International Energy Agency is reportedly considering the largest strategic release of oil reserves in its history to mitigate potential supply disruptions. Brent crude oil futures were hovering below US$88 per barrel and West Texas Intermediate under US$84.

DFI Retail Group led the STI performance with a US$0.40 or 9.2 per cent rise to US$4.75, after DBS Equity Research maintained its “buy” recommendation with a target price of US$5.