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SINGAPORE - Singapore share prices closed down 1.77 percent on Thursday after Wall Street tumbled as record-high oil prices renewed worries over inflation, dealers said.
The blue-chip Straits Times Index fell 57.07 points to 3,171.88 on volume of 1.59 billion shares worth S$2.06 billion. Decliners led rising issues 397 to 262, with 883 stocks unchanged.
Crude oil hit a record intra-day high of nearly US$124 a barrel in Asian trade on Thursday. Higher oil prices will hurt consumption and drag on economic growth, said David Cohen, of global research house Action Economics.
"Some of the most vulnerable industries are the airlines and car makers," he said.
Westcomb Securities said Thursday's sell-down could present a buying opportunity for investors as Singapore's fundamentals remained firm. It said surges in oil prices tend to lead only to an initial panic in the market.
Banking shares declined, with DBS Group falling 30 cents to S$19.98, United Overseas Bank down 76 cents at S$20.66 and Oversea-Chinese Banking Corp sliding 15 cents to S$8.85.
Property heavyweights also ended lower, with CapitaLand off 12 cents at S$6.58, City Developments slipping 14 cents to S$11.82 and Keppel Land dropping 14 cents to S$5.86.
Singapore Airlines fell 26 cents to S$15.52 and Singapore Telecommunications ended 10 cents lower at S$3.72. - AFP/ir
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