Singapore blue-chips tank following sharp spike in oil prices; STI down 1.9%
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Singapore blue-chip stocks fell sharply, with the Straits Times Index (STI) down 1.9% to 4,756.61 points, following a spike in oil prices exceeding US$100 a barrel. Only Wilmar International saw gains, while other stocks faced losses, with declines ranging from 0.4% to 4.8%. The broader market saw decliners outnumber gainers 532 to 193, amid fears of inflation driven by rising crude oil prices due to output cuts and geopolitical tensions. The VIX index, a measure of market volatility, surged past 30, indicating increased market fear.
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