STI sees largest single-day fall since 2008

SINGAPORE'S Straits Times Index (STI) had its largest single-day fall since Oct 24, 2008, when the benchmark lost 8.3 per cent.

Following last Friday's relief rally, the blue-chip index opened 5.7 per cent lower. Sell-offs persisted as investors continued to liquidate assets, preferring to hold cash, in particular the US dollar.

The STI closed 177.26 points or 7.4 per cent lower at 2,233.48 with all 30 counters in the red. The benchmark is firmly in bear territory, down 34.6 per cent from its 52-week high.