STI now in the red for the year

THE Straits Times Index (STI) on Thursday underwent a session of heavy pressure, buffeted by waves of short-selling and short-covering throughout the day as it struggled to stay in positive territory for the year.

Having started 2014 at 3,167, the index eventually closed Thursday's session at 3,154.21, a net loss of 44.51 points or 1.4 per cent for the day that came in response to yet another overnight plunge on Wall Street, triggered by concerns over rapidly slowing global growth. It is now in the red for the year.

Wall Street on Wednesday turned in one of its most volatile sessions in history. The Dow Jones Industrial Average plunged 370 points when trading started, bounced 262 points by 10am, then fell 350 points to its low of the day at 15,855, before rallying 286 points through the close, ending with a net loss of 173 points at 16,141. In total, the Dow traversed 1,268 points in one day.