Singapore shares tanked on Thursday, following a downbeat session on Wall Street as the US Federal Reserve's decided to hold interest rates steady amid rising oil prices.

The Straits Times Index (STI), a key benchmark for the Singapore Exchange, ranged between 4,938.28 and 4,986.18 throughout the day. It ended the session at 4,967.61, up 34.56 points or 0.7% compared to Wednesday's close.

IHH down 4%; CityDev down over 3%; Keppel Reit, iFast, Olam Group down around 2%; Seatrium, Keppel, SIA down over 1%.

On the corporate front, shares of Yangzijiang Maritime Development (SGX:8YZ) were down nearly 3% at the close as it re-designated its chief investment officer, Sun Jianping, as its chief financial officer, effective March 20.

Keppel (SGX:BN4) was down nearly 2% as an Indonesian individual filed an appeal in a legal battle over land ownership in Jakarta involving the company's subsidiary PT Kepland Investama.

Meanwhile, AF Global (SGX:L38) has secured a court hearing date to sanction its proposed scheme of arrangement that would lead to the privatization of the company.