Singapore shares dipped below the psychologically significant 3,000 level on Wednesday morning for the first time since November last year, buckling under the selling pressure that continued to hit Asian markets this week.

The benchmark Straits Times Index lost 34.8 points, or 1.2 per cent, to 2,999.2 just after 10am.

More than 1 billion shares worth $395 million were traded within an hour of the market opening.

A total of 262 stocks were down, with only 51 stocks up and 486 unchanged.

Top losers included Jardine Cycle & Carriage, which lost 44 cents to $33.10, while top gainers included Fraser & Neave, up 14 cents to $5.63 after the conglomerate said it would list its property division separately.

Elsewhere in Asia, the worst-hit bourses on Wednesday morning included Manila, which lost 5.4 per cent. Jakarta gave up 3.7 per cent, Bangkok was down 2.7 per cent, and Tokyo shed 1.9 per cent.