Singapore shares open 2.7% lower on Wednesday

A WORLDWIDE rout in equity markets spilled over into Singapore stocks on Wednesday morning as risk aversion ruled.

The local market opened 2.7 per cent lower on Wednesday, with the Straits Times Index retreating 70.75 points to 2,552.46 as at 9am.

The blue-chip index tumbled after the yen surged to its highest level in more than a year against the US dollar on Tuesday, sparking a sharp 5.4 per cent plunge in the Nikkei 225.

Blue chips bore the brunt of the early sell-off in Singapore. About 39.1 million shares worth S$95.2 million had changed hands as at 9am, which worked out to an average unit price of S$2.43 per share.

The most actively traded counter was commodities trader Noble Group, which fell S$0.025 to S$0.305 with 8.9 million shares changing hands as at 10.02am. Other actives included Singapore Telecommunications and commodities firm Golden Agri-Resources.

Losers outnumbered gainers 131 to 24, or about five down for every one up.