04 Oct '11, 9pm

Stock market rout: SINGAPORE - World stock markets fell heavily yesterday, extending steep losses into a third s...

SINGAPORE - World stock markets fell heavily yesterday, extending steep losses into a third session on escalating worries that a Greek default will lead to global financial turmoil and recession. The Dow Jones Industrial Average was down 1.2 per cent about an hour after the opening bell in New York. London's FTSE fell 2.7 per cent in late trade, Germany's DAX shed 3.2 per cent and Greece's ATHEX lost 6.7 per cent. Earlier in Asia, Hong Kong's Hang Seng slumped 3.4 per cent, Seoul's Kospi plunged 3.6 per cent and Japan's Nikkei fell 1.1 per cent. Chinese markets were closed for the week-long holidays. Singapore's Straits Times Index plummeted 90.38 points, or 3.4 per cent, to 2,531.02 - its lowest close since August 2009. In the broad market, decliners overwhelmed gainers 453 to 94 on turnover of 1.6 billion shares worth S$1.8 billion. Meanwhile, gold fell 0.4 per cent to U...

Full article: http://www.todayonline.com/Business/EDC111005-0000210/Sto...

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