Singapore shares open 1.09% lower on Wednesday

SINGAPORE share prices opened 31.46 points or 1.09 per cent lower at 2,854.83 on Wednesday, even as China decided to cut interest rates to shore up its economy.

At 9.09am, the benchmark Straits Times Index recorded 566.3 million shares worth S$138.7 million changing hands, with 57 gainers to 157 losers.

Among the more active counters were the three local banks, Singtel and Keppel Corp.

China's decision to cut interest rates faded quickly, prompting Wall Street to close in the red.

US stocks have sunk for six days in a row as fears of a slowdown in China's economy triggered a global market selloff over the past few days.