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Singapore shares open more than 2% lower on Wednesday


THE Straits Times Index (STI) opened lower on Wednesday, sinking 70.18 points or 2.23 per cent to 3,082.88, after China's surprise devaluation of the yuan prompted both Wall Street and European markets to close lower on Tuesday.

Some 100.4 million shares worth S$163.9 million changed hands by around 9.03am. Losers outnumbered gainers at 120 to 38.

Among the top losers in early trading were United Overseas Bank, DBS and OCBC Bank.