Roundup: Singapore stocks drop 0.45 pct amid collapsing oil prices

Singapore shares closed 0.45 percent lower on Wednesday, as investors began to panic-sell shares amid collapsing oil prices.

The pressure for policy action has grown intense in regions such as the euro-zone as falling oil prices pulled consumer prices into negative territory last month. So far this week, Brent crude has lost 7 percent, hovering around 45 U.S. dollars per barrel on Wednesday.

The World Bank had lowered its global growth forecasts because of sluggishness in the euro-zone, Japan and some major emerging economies.

Voyage Research said, "we continue to anticipate that the Straits Times Index will test its resistance at the 3,300 points level for this week."

The benchmark Straits Times Index shed 14.91 points to close at 3,326.16 points. Trading volume stood at 1.18 billion shares worth 1.13 billion Singapore dollars. Decliners outnumbered gainers 256 to 145, while 542 stocks closed unchanged.

Singapore Press Holdings Limited dropped 0.7 percent to 4.08 Singapore dollars. It reported that first-quarter net profit attributable to shareholders was 69.4 million Singapore dollars versus 88.8 million Singapore dollars last year, while operating revenue was 307.1 million Singapore dollars versus 328.5 million Singapore dollars a year ago.

SATS Limited fell 0.7 percent to 2.9 Singapore dollars. It has signed an memorandum of understanding (MoU) with Swiss WorldCargo and Cargologic AG to enhance cargo handling and information services. Swiss WorldCargo is the airfreight division of Swiss International Air Lines and Cargologic AG is its partner ground handling company.

Among the top gainers, Jardine Strategic rose 0.4 percent to 35. 45 U.S. dollars, whereas Jardine Matheson became one of the top losers by falling 0.6 percent to 62.64 U.S. dollars. (1 U.S. dollar equals to 1.34 Singapore dollars) Endi