Regional selldown drags Singapore shares 1.63% lower

SINGAPORE shares sank to their lowest levels since last November amid an Asean-wide selldown.

The benchmark Straits Times Index (STI) dived 50.34 points, or 1.63 per cent, to 3,034.02. Some 3.3 billion shares worth $1.3 billion changed hands.

This was the STI's ninth straight slump, and its worst finish since Nov 28 last year.

The red ink was largely due to investors rushing to the exits in neighbouring markets, as regional currencies including the Malaysian ringgit and Indonesian rupiah lost further ground.

Asian markets ended mainly weaker, with Japan down 0.69 per cent and Hong Kong 0.59 per cent behind.

But the losses were most pronounced in Asean, where markets in Manila, Jakarta and Kuala Lumpur dived 3.96 per cent, 3.71 per cent and 1.23 per cent respectively.

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