Singapore shares dive lower on Tuesday afternoon

THE Straits Times Index (STI) fell further by mid-afternoon on Tuesday, giving up 1.16 per cent or 29.94 points to 2,552.70 as China's Shanghai Composite index slumped over 6 per cent.

By 2.50pm, some 429.4 million shares worth S$545.9 million had changed hands. Losers significantly outnumbered gainers, at 244 to 80.

The most heavily traded stocks by volume included Noble, Ezra, Singtel and Global Logistic Properties.

This came as China's stocks plummeted to 13-month lows due to concerns that capital outflows may pick up pace as the economy slows and amid predictions that equities may decline further.

Meanwhile, China's central bank said on Tuesday it was pumping 440 billion yuan (S$96 billion) into the money market, as it aims to ease tight liquidity ahead of the Chinese New Year holidays. The injection - carried out through regular open market operations of the People's Bank of China - was the biggest since 2013, according to Bloomberg News.