SINGAPORE (THE BUSINESS TIMES) - The Straits Times Index (STI) saw its largest single-day decline in a year on Tuesday (Nov 30), falling 2.5 per cent amid fears over the Omicron variant.
Decliners outnumbered advancers 338 to 172, with 3.22 billion shares worth $3.89 billion changing hands.
Most Asian markets were in the red as well, as uncertainty remained over the impact that Covid-19 variant Omicron could have on economies worldwide.
Japan's Nikkei 225 index fell 1.6 per cent, South Korea's Kospi tumbled 2.4 per cent and Hong Kong's Hang Seng Index fell 1.6 per cent. Meanwhile, Malaysia's Kuala Lumpur Composite Index was up 0.2 per cent, and Indonesia's Jakarta Composite Index fell 1.1 per cent.
IG market strategist Yeap Jun Rong noted that Moderna chief executive Stephane Bancel's comments that existing vaccines could be less effective against Omicron, coupled with news of Japan's first Omicron infection, could have spooked markets.
"Overall sentiments may seem weighed for now, considering that slower vaccination rate and more limited healthcare capacity in the region may seem to bring about higher economic risks and potentially puts further reopening plans on hold," he said.
In Singapore, all but two counters on the STI fell on Tuesday. City Developments (CDL) rose 0.3 per cent to S$7.02, while UOL rose 0.2 per cent to S$6.88.
ComfortDelGro was at the bottom of the table, falling 4.2 per cent, or six cents, to close at $1.37.
Singtel was the most heavily traded STI counter by volume, with 119.4 million shares worth $283.5 million changing hands. Its shares closed down 2.1 per cent, or five cents, at S$2.36.
The trio of banks fell deeper into the red. DBS closed down 3 per cent at $29.87, while OCBC declined 3.2 per cent to $10.98; and UOB ended 4 per cent lower at $25.47.
