Singapore share prices closed 0.09 percent lower on Wednesday as oil prices surpassed 130 dollars a barrel, highlighting concerns about their impact on inflation and economic growth, dealers said.
The blue chip Straits Times Index fell 2.98 points to 3,196.90 on volume of 2.17 billion shares worth 1.9 billion Singapore dollars (1.4 billion US).Rising issues led decliners 319 to 299 with 970 stocks unchanged.
The price of oil hit a record high point of 130.05 dollars a barrel on Wednesday on anxiety about stretched supplies in the face of strong demand for energy, and as the dollar weakened, fuelling inflation fears. "Inflation is not a new issue but the continued rise in oil prices is making the market nervous," said K. Ajith, an analyst with UOB Kay Hian.
The market's pullback presents a buying opportunity, said Najeeb Jarhom, research head for retail markets at Amfraser Securities. Banking shares were mixed, with DBS Group dropping 20 cents to 19.80 dollars, United Overseas Bank down two cents at 20.02 dollars and Oversea-Chinese Banking Corp steady at 8.90 dollars.
Property heavyweights ended slightly lower, with CapitaLand sliding six cents to 6.60 dollars, City Developments down six cents at 11.62 dollars and Keppel Land shedding three cents to 5.70 dollars. Singapore Airlines gained four cents to 16.06 dollars and Singapore Telecommunications was steady at 3.68 dollars.
Comments
Comments are closed.