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SINGAPORE: Singapore shares opened 2.8 per cent lower on Thursday after Wall Street plunged overnight as dismal US economic data added to recession fears.
The main Straits Times Index dropped 42.72 points to 1,622.87 on a volume of 43.2 million shares. There were 24 gainers and 129 losers.
Australian share prices fell 4.2 per cent in early trade. The benchmark S&P/ASX200 moved down 147.7 points to 3,351.9 within 10 minutes of the market opening, while the broader All Ordinaries lost 137.2 points to 3,346.0.
South Korean share prices opened 4.9 per cent lower and the KOSPI index started trading down 49.36 points at 967.46.
Japan's Nikkei stock index plunged four per cent in early trade. The benchmark index tumbled 333.55 points, or 4.03 per cent, to 7,939.67.
US stocks plunged to five-and-a-half year lows on Wednesday after data revealed a sharp deterioration in the world's largest economy and the Federal Reserve admitted the risk of a long recession.
The Dow Jones Industrial Average tumbled 427.47 points (5.07 per cent) to finish at 7,997.28. It was the first time the blue-chip index closed below 8,000 since March 31, 2003.
The tech-heavy Nasdaq skidded 96.85 points (6.53 per cent) to 1,386.42, its lowest level since April 14, 2003.
And the broad Standard & Poor's 500 index retreated a hefty 52.54 points (6.12 per cent) to 806.58, another five-and-a-half-year low.
- CNA/yt
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