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Singapore shares open lower after US stocks slide

Monday, June 13, 2016 - 09:16
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SINGAPORE share prices opened lower on Monday with the Straits Times Index down by 35 points or 1.24 per cent to 2,787.97 points as at 9.01am, after a steep slide in US stocks on Friday on Brexit fears and a drop in oil prices.

A wave of selling on Wall Street wiped out most of the market's gains from earlier last week. This comes on the heels of a poll showing Britain may be more likely to leave the European Union.

Not helping is a drop in oil prices following a second straight weekly climb in US oil-rig count, according to data from Baker Hughes.

The Dow Jones Industrial Average closed down 119.85 points, or 0.7 per cent lower, at 17,865.34.

Brent settled down US$1.41 at US$50.54, the largest drop in a month.

West Texas Intermediate futures fell US$49.07, down 3 per cent, the largest slide since early April.

Some 63.4 million shares worth S$57.3 million changed hands, with losers outnumbering gainers 116 to 28.