05 Aug '11, 3pm

[CNA] Rout wipes S$18b off Singapore stocks

[CNA] Rout wipes S$18b off Singapore stocks

SINGAPORE: An estimated S$18 billion was wiped out from the Singapore stock market on Friday as the key index dived nearly 4%. The benchmark Straits Times Index (STI) plunged 3.75% or 112.23 points to close at 2,994.78 in its biggest one-day decline since 2008. The plunge was in line with world markets which saw huge sell-off over fears that another global economic crisis is waiting in the wings. A sea of red washed over the Asian markets as investors, fearing another global recession, bailed out on Friday. The sell-off caused Asian markets to fall 3%-5%. And the selling is probably not over. Many analysts forecast further declines of up to 10 percent, and the STI to hit 2,500. Kevin Scully, executive chairman of NRA Capital, said: "I think what you will see is this selling that you have seen today will probably trigger more selling, margin selling, some fund redemption se...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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