Singapore shares fell 2.5 percent on Thursday in their biggest daily decline in more than 19 months, with telecommunications shares leading the losses, as global markets weakened after Federal Reserve signalled an end to its monetary stimulus.
The benchmark Straits Times Index ended at 3,133.26 points after its sharpest one-day fall since November 2011.
The broader MSCI’s index of Asia-Pacific shares outside Japan tumbled 3.8 percent amid a global sell-off across bonds, shares and commodities.
In Singapore, where all index components ended the day in the red, the telecommunications sector index led the retreat with a 3.4 percent drop, followed by a 3.4 percent slump in Real Estate Investment Trusts (REITs)and financial service shares, which dropped 2.8 percent.
“Dividend plays and yield stocks took a big hit - telcos, REITs - as markets expect a hardening of interest rates,” said one trader.
“Nobody’s trying to catch the bottom.”