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Singapore shares open lower on Tuesday after gloomy 2016 start

SINGAPORE share prices opened lower on Tuesday, following an ugly start in the first trading session of 2016 the previous day, as the suspension of Chinese stocks after a shock plunge and a developing crisis between Saudi Arabia and Iran weighed on stock markets globally.

The Straits Times Index dipped 0.15 points or 0.01 per cent to 2,835.82 point, with the early movers being Tiger Airways, which gained nearly 10 per cent on news that Singapore Airlines has hiked its offer price for the group, and Sembcorp Marine and Ezra, which rose on the back of higher oil prices.

Some 37.5 million shares worth S$48.7 million changed hands as at 9.02am, with gainers narrowing beating losers 69 to 62.