SINGAPORE (March 7): Read the shipping and offshore oil industry news in Singapore and you'd be forgiven for imagining the country's stock market must also be in the doldrums.

A string of restructuring and bankruptcy proceedings was capped last week with reports that distress at oil-services company Ezra Holdings has deepened. Ezion Holdings, one of the biggest companies in the sector, also recently posted its worst loss since the Asian financial crisis.

Regardless, the Straits Times Index is the second best performing stock benchmark in Asia this year, up 11.2%, only slightly behind India's Nifty 50.

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