04 Oct '11, 10am

Singapore's STI falls more than 3%

Singapore's STI falls more than 3%

SINGAPORE - Singapore share prices dived 3.45% on Tuesday, extending losses on Monday. The blue-chip Straits Times Index (STI) lost 90.38 points to end at 2,531.02. In the broader market, volume traded on the Singapore Exchange (SGX) was 1.64 billion shares worth S$1.75 billion, with losers beating gainers 453 to 94. The losses followed another slump on Wall Street overnight, where the Dow shed 2.36 percent on Monday to finish at its lowest level since September 2010. The selloff was led by banking stocks due to worries a Greek sovereign default could spark a crisis in the financial sector. On the SGX, DBS slumped 6% to S$10.87. United Overseas Bank retreated 5.4% to S$15.91 and Oversea-Chinese Banking Corp fell 3.9% to S$7.68. Meanwhile, the share price of Tiger Airways took its biggest one-day dive in two months to end the trading day at 66 cents per share. Tiger Airways...

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

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