Singapore shares open 0.88% lower on Monday as crude extends fall

SINGAPORE shares fell in the opening minutes of trade on Monday as crude oil prices extended their drop. The Straits Times Index was down 25.03 points or 0.88 per cent to 2,827.81 points as at 9.02am.

A total of 29 million shares worth S$40.6 million changed hands. Losers outnumbered gainers 89 to 22.

Singapore's performance echoed those seen elsewhere in Asia as crude extended its losses to a fourth session, wiping out more than a third of its value this year. Brent oil traded near a seven-year low as a rebound in US drilling added to signs producers will keep pumping crude amid a global glut, Bloomberg reported.

Japan's benchmark Nikkei 225 index fell 141.3 points to open at 18,845.50. The broader Topix index was down 0.9 per cent at 9.25 am Tokyo time, falling for a second day.