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Singapore shares open lower on Wednesday after crude prices tumble


SINGAPORE share prices opened 0.89 per cent lower on Wednesday, with the Straits Times Index (STI) down 23.18 points to 2,579.23 at 9am.

On Wall Street, US stocks fell sharply on Tuesday, tumbling with European equities as another drop in oil prices underscored worries about global growth.

The Dow Jones Industrial Average lost 295.64 points (1.8 per cent) to 16,153.54. The broad-based S&P 500 fell 36.35 (1.87 per cent) to 1,903.03, while the tech-rich Nasdaq Composite Index shed 103.42 (2.24 per cent) to 4,516.95.

Oil prices extended sharp losses for a second day, with the US benchmark closing under US$30 a barrel for the first time since Jan 21.

In Asia, Tokyo stocks opened sharply lower on Wednesday, as a stronger yen took a bite out of exporters.

The benchmark Nikkei 225 index at the Tokyo Stock Exchange slumped 1.43 per cent, or 253.27 points, to 17,497.41 in opening deals, while the broader Topix index of all first-section shares lost 1.64 per cent, or 23.76 points, to 1,428.28.

On Singapore's bourse, Wednesday's most active counters were warehouse owner Global Logistic Properties (down 1.8 per cent to S$1.635); Yanzijiang Shipbuilding (down 2.2 per cent to S$0.895); and Noble (down 1.6 per cent to S$0.30)

Overall on the stock market, 47 million shares worth S$69.7 million changed hands, with losers outnumbering gainers 111 to 16 at 9am.