Investors across the region remained spooked by the prospect of a second wave of the coronavirus and a slow economic recovery in the US.
These sent bourses down for the second day running after another dismal showing on Wall Street overnight, where the three major indexes fell more than 5 per cent - their worst day since mid-March.
The Straits Times Index (STI) was in the same mood yesterday, falling sharply after the opening bell, but it recovered some lost ground and closed at 2,684.63, down 0.72 per cent, or 19.58 points. It was 2.43 per cent lower for the week.
Six of the 30 STI members chalked up gains, two closed flat and three others ended in the red.
One of the bright spots was Malaysia's Top Glove, a non-STI constituent stock. Also listed here, the company was among the best performers, adding 2.5 per cent to $5.70 on cum-dividend trading.
It reported a banner third quarter on Thursday, thanks to a surge in demand for its gloves amid the pandemic. It will pay an interim dividend of 10 sen (three Singapore cents) on July 9.
The most heavily traded STI stock was gaming giant Genting Singapore, which closed flat at 77 cents on a volume of 54.9 million.
Losers outnumbered gainers 294 to 170 for the day, with 1.74 billion shares worth $2.17 billion traded.
Elsewhere, Japan's Nikkei 225 lost 0.75 per cent, Hong Kong's Hang Seng dipped 0.73 per cent while Australian shares dived 1.89 per cent.
Smoling Stockbroking managing director Brad Smoling pointed to the Australian market, noting: "The euphoria of all the stimulus and free money is starting to wane and investors will start to take notice of earnings and balance sheets of businesses that are going to reopen."
Around A$92 billion (S$88 billion) has been wiped off the Australian market over the past two days as prospects of a V-shaped recovery recede.
Malaysian shares slid 0.72 per cent, while South Korea's Kospi tumbled 2.04 per cent.
Equity markets in Jakarta ended higher after losing as much as 2.9 per cent earlier. A central bank survey out yesterday showed that consumer confidence had tumbled to its lowest level in 15 years last month.
Thai shares plunged 3.7 per cent over the week, ending a four-week winning run even as the country plans to lift a national curfew and ease restrictions further next week after largely bringing local infections under control.
Philippine financial markets were closed for a public holiday.
• Additional reporting by Reuters
