Singapore stocks open 2.5pc down on recession fears
SINGAPORE, Aug 19 — Singapore shares opened 2.5 per cent lower today following weak US data and continued worries that European sovereign debt woes could push major economies back into recession.
The benchmark Straits Times index extended its losses further, falling as much as 2.87 per cent in early minutes of the trade. Other markets in Asia are also stumbling.
Among the biggest decliners were rigbuilders Keppel Corp and Sembcorp Marine, which fell more than 4 per cent on concerns that weaker oil price could adversely affect demand for oil rigs. — Reuters