Shares across the region went into free fall yesterday following overnight declines on Wall Street.
The benchmark Straits Times Index (STI) was not immune, falling 1.3 per cent or 38.33 points to 2,920.30, with losers thumping gainers 380 to 137 on trade of 3.31 billion shares worth $1.47 billion.
Investors were spooked by the carnage in the United States where the three major indexes saw their worst sessions in three months, with declines of more than 2 per cent each following a cautious economic outlook from the Federal Reserve.
Nearly all the STI counters ended in the red with Sembcorp Industries leading the way, down 3.5 per cent to $1.66.
Thai Beverage was the top performer and most active index share. It rose 2.5 per cent to 82 cents with 49 million shares changing hands.
Bloomberg reported yesterday that the company plans to lodge a filing to list its brewery unit on the Singapore Exchange as soon as next week.
Keppel DC Reit was the only other STI gainer, rising 1.4 per cent to $2.95. On Tuesday, it reported a 27.5 per cent rise in distribution per unit to 4.795 cents for the second half.
Elsewhere in the Asia-Pacific, it was a sea of red across major indexes. The Nikkei 225 in Japan fell 1.5 per cent, Hong Kong's Hang Seng lost 2.5 per cent and Australia's ASX 200 slid 1.9 per cent.
Oanda market analyst Jeffrey Halley said upcoming GDP numbers for the US are the next significant risk point for equity markets, "with an underwhelming number likely to extend the malaise".
However, he added, things could change if positive vaccine data is released by Johnson & Johnson in the next two days.
