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SINGAPORE: Singapore shares tumbled 4.3 per cent early Thursday, tracking heavy losses on Wall Street where fears grew about the weak economy and corporate earnings.
The benchmark Straits Times Index declined 77.88 points to 1,743.25 within the first minutes of trading, led by losses in property stocks. Some 55.9 million shares exchanged hands, with losers beating gainers 125 to 19.
Other major markets across Asia were also in the red.
Japan's main index spearheaded the decline, diving 7.59 per cent to hit the lowest level in more than five years. The Nikkei-225 lost 658.08 points to 8,016.61, levels last seen in May 2003.
South Korea's KOSPI sank 6.3 per cent or 71.45 points to 1,063.14, while Taiwan's weighted index dipped 3.09 per cent or 150.39 points to 4,712.20.
Australian share prices fell 4.3 per cent as the market was further hit by early news that Australia's ANZ Bank reported a sharp fall in profits while resources stocks plummeted on the back of weakening commodity prices.
The benchmark S&P/ASX 200 index dropped 178.0 points to 3,978.1 in mid-morning trade, while the broader All Ordinaries index was down 178.5 points, or 4.3 per cent, at 3,941.6.
"The market is just disgraceful. There is no light at the end of the tunnel yet," said Aequs Securities institutional dealer Ric Klusman.
Panic-selling returned to global stock markets on Wednesday, with the leading Dow Jones industrial index shedding 5.69 per cent, as fears of global recession stalked investors.
News that world leaders are to meet in Washington next month at a summit to discuss the global financial crisis failed to halt a sell-off that began early Wednesday and accelerated in late US trading.
In falls reminiscent of the worst of the turbulence of the last few weeks, prompted by gloomy outlooks and weak company results, European markets lost 4.0-5.0 per cent while the Dow closed down 514.45 points at 8,519.21.
- CNA/yb
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