STI falls 2.7% to 4,717.20 as global oil prices surge

The index remains below its 52-week high of 5,041.33.

Singapore shares fell on Monday, 9 March, as oil prices surged amidst heightened geopolitical tensions in the Middle East.

The Straits Times Index (STI) dropped 131.05 points, or 2.7%, to 4,717.20 as of 12:42 p.m., according to data from the Singapore Exchange.

The index opened at 4,778.38 and fell to an intraday low of 4,697.52 during early trading.

Within the STI, several constituents traded lower, including City Developments, which fell 4.15% to $8.78, and DBS Group Holdings, which was down 2.02% to $53.89.

Moreover, Property and REIT counters like CapitaLand Investment and CapitaLand Ascendas REIT also declined.

The STI remains below its 52-week high of 5,041.33.

Oil prices climbed sharply in global markets. Brent crude was trading at around $148.54 (US$115.80) per barrel, up $29.65 (US$23.11) or about 24.9%.

Meanwhile, West Texas Intermediate crude futures were quoted at about $147.68 (US$115.12) per barrel, rising $31.07 (US$24.22) or 26.6%.

$1 = US$0.78

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