I READ with interest your BT article "S'pore market value down five months in a row" on Oct 1, 2015. It is worrying that despite all the IPO capital raising from 2012 to 2015, the Sept 30, 2015 closing market cap "was the lowest month-end reading since August 2012, when the total market was worth S$829.3 billion".

There was also an earlier article headlined "Singapore firms' IPO proceeds fall to lowest since 2009" (BT, Sept 22) which stated that capital raising for the first nine months of 2015 stood at US$91.7 million, which is also a 95.6 per cent slump compared to the first nine months of last year.

All this worrying news clearly shows that our Singapore market is in a dire state. It is not only a cyclical issue but a real structural problem.