China shares in Singapore end morning lower on record oil prices - UPDATE

SHANGHAI (XFN-ASIA) - China stocks in Singapore finished the morning lower on worries over soaring oil prices, which show no signs of abating in the near future, dealers said. Yangzijiang Shipbuilding Holdings, one of the two biggest index components, dragged down the index. Volumes were very low as investors refrained from active trading ahead of the US independence day holiday. 'Market conditions are pretty lethargic, there is only a bit of nibbling,' said a trader in Singapore, 'There are no strong players emerging anywhere.' 'I think oil explains a lot of the market's sentiment right now,' he said. The FTSE ST China Index was down 1.29 points or 0.3 pct at 399.34. Losing stocks outnumbered gainers 19 to 9 with 22 unchanged. The broader Straits Times Index rose 0.5 pct to 2,893.61. The mainland's benchmark Shanghai... [read full story]