SINGAPORE, May 23 (Xinhua) -- Singapore shares closed 0.7 percent lower on Thursday, tracking losses in Wall Street overnight.
Meanwhile, crude oil prices tumbled after U.S. inventory data reignited supply concerns. The U.S. Energy Department said weekly crude inventories had swelled to the highest level since July 2017, and gasoline stockpiles also grew faster than expected,
Maybank-Kim Eng Retail Research said "technically, the Strait Times Index is grossly oversold with downside support at 3,150 points and overhead resistance at 3,280 points."
Singapore benchmark Strait Times Index fell 22.42 points to 3,160.72 points. Trading volume was 989.19 million shares worth 1 billion Singapore dollars (about 724 million U.S. dollars). Decliners outnumbered advancers 292 to 138.
Sarine Technologies fell three percent to 32 Singapore cents. It is launching of another sales tool for retailers, 3D-Origin, a 3D-printed accurate model of the rough diamond from which the Sarine Journey-verified polished diamond was derived. The 3D-Origin model is generated as an optional add-on to the Sarine Diamond Journey rough-to-polish diamond report, which uses its proprietary cloud-based data exclusively captured during the manufacturing process.
Vibrant Group rose 0.8 percent to 12.9 Singapore cents. It is disposing its entire 51 percent stake in Sabana REIT manager, Sabana Investment Partners to E-Shang Infinity for 20.5 million Singapore dollars. It has also agreed to sell a total of 7.99 percent interest in Sabana REIT to E-Shang Infinity for 40.4 million Singapore dollars. The net proceeds will be used to pare down debt.
Among top gainers, UOB rose 0.2 percent to 24.58 Singapore dollars, while Jardine Matheson became one of the top losers by falling 1.6 percent to 61.94 U.S. dollars. (1 U.S. dollar equals to 1.38 Singapore dollars)
