This was a game which Owen Coyle's Saints ought to have won at a canter. The first half, and indeed much of the second, was a one way procession towards the Stranraer goal, but poor finishing let the Perth side down, with Peter McDonald the main culprit.
The visitors, aided by a strong wind, pressed forward and home keeper Barry-John Corr did well to prevent Darren Sheridan's corner from sailing straight into the net at the back post in the 20th minute.
On the half-hour McDonald was denied by the woodwork when his shot from the 18-yard line came crashing back off the post and, within a couple of minutes, the striker should have put away another couple of chances, but when he did get his shot on target it was blocked by blues keeper Corr.
Six minutes after the restart the busy home keeper thwarted Paul Sheerin, turning the striker's hooked effort to safety with a last-gasp save.
Then man-of-the-match Jason Scotland produced the miss of the match. Clean through on the home goal, he missed the target from 10 yards.
With 18 minutes left Saints finally took a deserved lead, and it was Sheerin's perseverance that set up the chance. He eventually delivered a cross from the left and, when it was nodded on into the box, Ryan Stevenson stepped in to volley fiercely past Corr.
The Perth men looked, if anything, likely to add to their lead, and Scotland was unlucky with a 25-yard free-kick which came crashing back off the home woodwork.
Neil Watt sent four up front for Stranraer and it paid dividends with three minutes remaining. Ironically, the home leveller came from former Saint Michael Moore, who jumped to nod Murray Henderson's cross over visiting keeper Kevin Cuthbert.
Saints must look back on this match as two points dropped, and the result can be placed squarely on the shoulders of their strikers, whose finishing was anything but clinical.