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Singapore shares close 0.7% lower on oil supply uncertainty

Singapore shares closed lower on Tuesday, as investors awaited clarity on whether the weekend’s attack on Saudi oil facilities will significantly disrupt global oil supplies.

Other Asian markets were mixed, with key indices in Australia, New Zealand and Japan ending higher, while those in China and Hong Kong closed with losses. South Korea closed flat on the day.

In Singapore, the Straits Times Index lost 0.65 per cent or 20.93 points to close at 3,183.00. About 1.02 billion securities worth S$838.33 million changed hands, and losers outnumbered gainers 224 to 154, or about three securities down for every two up.

Riding the higher oil prices was oilfield services firm Rex International, which gained 6.9 per cent or 0.6 Singapore cent to S$0.093 on a volume of 88.44 million shares.

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It was followed by TEE International, whose shares added 0.7 Singapore cent or 20 per cent to S$0.042 with 67.8 million shares traded.

The company said on Monday night that its controlling shareholder Phua Chian Kin will be selling 150 million shares in the company, or a 23 per cent stake, for S$9 million in cash. Mr Phua has been in the spotlight for allegedly instructing unauthorised transactions totalling S$6.55 million made by TEE International subsidiaries to related parties.

Yangzijiang Shipbuilding remained the most heavily traded STI counter, a position it has held for more than two weeks running. It closed flat at S$1.08 with 40 million shares traded.

Samko Timber and Accrelist called for trading halts on Tuesday. No further announcements had been made by either company as at market close.