Singapore blue chips tank following sharp spike in oil prices; STI down 1.9%
The Straits Times
Singapore blue-chips decline as oil prices surge past US$100, impacting the Straits Times Index (STI). Read more at straitstimes.com.
SINGAPORE – Singapore blue chips were weighed down – amid heavy trading – by a sharp spike in oil prices on March 9 as the fuel surged past US$100 a barrel.
The blue-chip barometer Straits Times Index (STI) slid 91.64 points or 1.9 per cent to 4,756.61, after having pared some losses in the afternoon trading session. All but one constituent of the 30-stock STI were down. The counter bucking the decline was palm oil producer Wilmar International, which rose four cents or 1.1 per cent to $3.53.
The rest of the stocks recorded losses of between 0.4 per cent (Sembcorp Industries at $5.70) and 4.8 per cent (Hongkong Land at US$7.98).
The iEdge Singapore Next 50 Index, meanwhile, finished 4.76 points or 0.3 per cent up at 1,455.73 points – even though only two out of the 50 stocks ended higher.
Riverstone Holdings closed one cent or 1.4 per cent up at 74 cents, making it the best performer on the iEdge Singapore Next 50 Index. China Aviation Oil advanced one cent or 0.5 per cent to $1.84 – the other stock on the index that was spared the rout. Securities broker UOB Kay Hian led the losses with a 6.8 per cent or 22-cent decline to $3.01.
Decliners beat gainers 532 to 193 across the broader market, with more than 2.4 billion securities valued at $3 billion in total transacted.
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