Singapore’s stock market tumbles. (Photo: AFP/VNA) The Singaporean stock market tumbled on August 21 with the benchmark Straits Times Index (STI) dropping below 3,000 points to 2,972.05 points.
The STI lost 37.74 points from the previous day, or 1.25 percent, bringing its total decline since the end of July up to roughly 6 percent.
Investor fears that the STI would fall below the psychological level in previous trading sessions have finally become a reality while the sell-off has spread across the stock market with 418 slumping stocks outweighing the 83 rising.
Experts considered the STI contraction unusual as Singapore is regarded as a quality and safe market, despite being affected by the sagging global stock markets, such as the United States and Asia, together with the worry about China’s sluggish economy and the slowdown in global trade.
Statistics show that the STI has dropped below 3,000 points five times over the past three years and remained under that level for two weeks in mid-November 2012.-VNA
