STI falls 11% in worst weekly performance since 2008

AS an indicator of the volatility that financial markets are currently facing, Singapore's Straits Times Index (STI) had a topsy-turvy session to end a week where it - along with other regional equity benchmarks - clocked their worst showings since 2008's global financial crisis.

With US markets having their biggest drops since the "Black Monday" stock market crash of 1987 on Thursday, sell-offs in Singapore were expected. The index's 5 per cent drop at the commencement of Friday trading was its largest decline at the open since October 2008.

The STI fell by more than 6 per cent shortly after, but managed to claw back most losses after the mid-day break to end 44.64 points or 1.7 per cent lower at 2,634. Twenty five of the STI's 30 constituents closed in the red.