Singapore Shares Open Lower Amid Renewed Iran Strikes
MT Newswires
Jul 16
Singapore shares opened lower amid rising tensions in the Middle East, with the US renewing strikes on Iran, which has also led to a surge in oil prices.
The Straits Times Index opened lower by 0.40%, or by 22.01 points, at 5,537.71.
Crude oil prices continued to rise with Brent gaining for the fourth straight day to more than $85 a barrel, as concerns grow over further disruption in energy supplies.
Technology stocks also saw a sell-off, as investors booked gains on AI stocks and took a cautious approach over the sustainability of the artificial intelligence trade.
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