Singapore share prices were down more than 5.0 percent in afternoon trade Friday, with the index falling below 3,000 points due to fears of a global liquidity crunch, dealers said. As key regional stock markets like Japan and Hong Kong reported massive losses, the benchmark Straits Times Index (STI) quickly reversed a feeble rally in the morning. The STI was down 160.88 points to 2,991.28 as of 2:19 pm (0619 GMT).
DMG and Partners Securities dealing director Gabriel Yap said the market was still trying to find support following the recent sharp falls.
"Having been sold down quite badly in recent days, you can't expect it to recover so quickly," Yap said.
Daniel McCormack, a strategist at Macquarie Securities in Hong Kong, said it might be too early to re-enter the Singapore market because it looked overvalued when compared with other markets in East Asia.
"Singapore companies had decent results in the first half of the year, but we're concerned earnings growth is going to slow," McCormack said. - AFP/ir
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