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STI breaks below 2,800 points, in official bear market territory
SINGAPORE'S benchmark Straits Times Index (STI) fell below 2,800 points on Monday to officially end up in bear market territory.
At 10am, the STI was at 2,783.33 points, down almost 50 points from Friday's close and down 21 per cent from its closing high of 3,539 on April 15.
In financial markets, a fall of more than 20 per cent from a peak is generally taken to be an indicator of a bear market.
Monday's fall comes after data showing China industrial profits falling 8.8 per cent in August from a year ago.
Top stocks down include telco Singtel, which fell 14 cents or 3.8 per cent to trade at S$3.50.