Singapore stocks slide on Monday as oil prices surge; STI down 1.2%

THE Straits Times Index (STI) fell 1.2 per cent or 38.96 points to 3,187.82 points on Monday (Mar 7), as a surge in oil prices amid escalating tensions in Russia and Ukraine roiled markets across Asia.

Japan's Nikkei fell 2.9 per cent, South Korea's Kospi shed 2.3 per cent, Hong Kong's Hang Seng tumbled 3.9 per cent and the FTSE Bursa Malaysia KLCI dropped 2 per cent.

In the wider Singapore market, losers outnumbered gainers 355 to 207, with 2.2 billion shares worth S$1.8 billion changing hands.

"It is no surprise that Asian traders, a region heavily reliant on imported energy, pushed the panic button," said Oanda senior market analyst Jeffrey Halley. "It is hard to construct a bullish case right now, and with the stagflationary wave coming sure to hit Asia hard, any rallies will probably be measured in days and not weeks."

The biggest loser on Singapore's blue-chip index was Dairy Farm International (DFI) D01 , which tumbled 6.8 per cent or US$0.18 to close at US$2.46.

Property company UOL Group U14 was the biggest gainer on the STI. The counter rose 0.9 per cent or S$0.06 to S$6.85.

Sembcorp Industries U96 and Wilmar International F34 were the only 2 other gainers among the STI constituents, rising 0.8 per cent and 0.6 per cent, respectively.

The trio of local lenders also suffered heavy losses on the day. DBS D05 fell 2.1 per cent or S$0.69 to S$31.91, OCBC O39 dropped 1.2 per cent or S$0.14 to S$11.48, and UOB U11 lost 1.4 per cent or S$0.41 to close at S$29.12.