SINGAPORE, Oct. 8 (Xinhua) -- Singapore shares closed 0.5 percent lower on Thursday, as investors took profit after oil prices retreated overnight.
While Brent crude oil prices were up 0.8 percent at 51.74 U.S. dollars a barrel in Asia trade, prices slid in U.S. trade overnight to as low as 51.25 U.S. dollars after inventory data showed U.S. stockpiles of crude oil and petroleum products at a record high.
Meanwhile, the International Monetary Fund warned that troubles in emerging markets could risk asset fire sales and curtail growth in rich countries. Downbeat German industrial production figures added more evidence of weakening exports to emerging markets. Earlier this week, hopes the U.S. Federal Reserve would hold off on raising interest rates boosted investors' risk appetite.
Singapore's benchmark Straits Times Index dropped 14.78 points to 2,947.03 points. Trading volume was 1.38 billion shares worth 1. 23 billion Singapore dollars. Decliners outnumbered advancers 245 to 159, while 532 stocks did not move.
Singapore Post Limited rose 0.6 percent to 1.76 Singapore dollars. It said it has used a drone to deliver mail to an island community, joining other postal services such as Finland which are testing unmanned aerial vehicles to deliver packages. The test flight took five minutes and carried a letter and a T-shirt for a total distance of two kilometers.
Swiber Holdings shed 2.4 percent to 20.5 Singapore cents. It said it is cautiously optimistic that new order momentum can be maintained due to sustained field development activity in shallow water basins. Latin America and South Asia are two regions projected as the largest contributors to group revenue for this year and next year. Swiber is also set to venture into the African basins, particularly in the shallow water Niger Delta, where field development activity is still holding up.
Among top gainers, Dairy Farm International surged 7.2 percent to 6.70 U.S. dollars, while Jardine Matheson became one of the top losers by falling 0.4 percent to 50.65 U.S. dollars. (1 U.S. dollar equals to 1.41 Singapore dollars)
