Singapore shares remained stuck in negative territory as regional stocks in Asia took a beating over inflation worries, driven mainly by rising oil prices and Iran's stance over the ongoing war with the US.

The Straits Times Index, a key benchmark for the Singapore Exchange, ranged between 5,684.06 and 5,712.89 throughout Thursday. It ended the session at 5,689.75, down 39.88 points, or 0.7%, from Wednesday's close.

On the corporate front, DBS (SGX:D05) closed nearly 1% lower as it figured into a lawsuit seeking SG$1.298 billion in damages related to 1Malaysia Development recovery efforts.

"DBS has consulted its legal advisers, and categorically rejects and will vigorously resist the Claim," the company said. "It is a matter of public record that there have been global recovery efforts relating to 1Malaysia

Development Berhad, supported by legal counsel since 2018. All this time, there was no claim against DBS. DBS has assessed that no provisions are required at this stage"

Meanwhile, Keppel DC REIT (SGX:AJBU) was down over 1% as it unveiled plans to issue 297.6 million new units on Thursday to raise SG$625 million through private placement.