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Singapore shares close 3% lower on Wednesday

After a short-covering bounce on Thursday morning that gave a mistaken semblance of stability because it added 30 points to the Straits Times Index (STI), pressure returned in force during the afternoon session, leaving the STI 27.07 points worse off at 2,532.70 at 5pm.

SINGAPORE stocks ended 3 per cent lower on Wednesday, with the Straits Times Index falling 78.7 points to 2,559.77.

The blue-chip index dropped amid an ongoing rout brought about by fears over the state of China's economy and oil prices.

About 1.09 billion shares worth S$1.22 billion changed hands, which worked out to an average unit price of S$1.12 per share.

The most actively traded counter was Ezra Holdings, which fell S$0.012 to S$0.058 with 98.7 million shares changing hands. Other actives included Noble Group and China Sports.

Losers outnumbered gainers 355 to 79, or about nine down for every two up.