Singapore shares open lower on Wednesday

SINGAPORE shares opened lower on Wednesday following falls in the US and European markets the previous day on concerns over a global economic slowdown.

As at 9am, the Straits Times Index was down 11.50 points or 0.41 per cent at 2,789.42 points. A total of 53.4 million shares worth S$55.8 million changed hands.

There were as many gainers as losers.

As oil prices rose in early Asian trading, energy-related plays were active, with Mirach Energy, Magnus Energy, Ezra Holdings, Noble Group, Rex International and Mermaid Maritime heavily traded. Most registered gains at the opening.

Expectations are rising that oil exporters will agree to freeze their output amid global oversupply at an April 17 meeting, after Kuwaiti official Nawal Al-Fuzaia said on Tuesday there were "positive indications an agreement can be reached".