Singapore shares open down on Tuesday; STI falls 2.2%

SINGAPORE stocks opened lower on Tuesday as the bloodbath across global equity markets continued, with the Straits Times Index falling 76.84 points or 2.21 per cent to 3,406.09 as at 9.02am.

About 216.1 million shares worth S$152 million in total changed hands, with losers beating gainers 307 to 15.

Some of the largest losers by value include DBS, CapitaLand, OCBC Bank, Singtel and Genting Singapore.

Stocks in Japan and Australia also fell on opening on Tuesday, following the drop in European and US markets overnight, as concerns over elevated Treasury yields and the likelihood of additional Federal Reserve interest rate hikes this year continued to fuel panic selling.