Singapore shares dip

Singapore share prices closed down 1.77 percent on Thursday following Wall Street's tumble as record-high oil prices renewed worries over inflation, dealers said. The blue chip Straits Times Index fell 57.07 points to 3,171.88 on volume of 1.59 billion shares worth 2.06 billion Singapore dollars (1.50 billion US).
Decliners led rising issues 397 to 262 with 883 stocks unchanged. Crude oil hit a record intraday high near 124 dollars a barrel in Asian trade on Thursday. Higher oil prices will hurt consumption and drag on economic growth, said David Cohen, of global research house Action Economics. Banking shares slumped, with DBS Group falling 30 cents to 19.98 Singapore dollars, United Overseas Bank down 76 cents at 20.66 and Oversea-Chinese Banking Corp sliding 15 cents to 8.85.