| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
| ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
 |
advertisement | ||
Friday October 10, 9:22 AMCORRECTED - CORRECTED-Singapore stocks off 7.3 pct on recession, Wall StSINGAPORE, Oct 10 (Reuters) - Singapore shares opened 7.3 lower on Friday after Wall Street plunged overnight and government data showed the city-state was now in a recession.At 0105 GMT, the Straits Times Index was down 76.2 points at 1,971.72, its lowest level since December 2004. Southeast Asia's largest bank DBS Group fell 7.6 percent while property heavyweight CapitaLand dropped 6 percent. Malaysian stocks lost 2.4 percent. Singapore's economy shrank at a worse-than-expected annualised, seasonally adjusted rate of 6.3 percent in the third quarter after declining 5.7 percent in the previous quarter, plunging the economy into a technical recession. U.S. stocks plummeted for a seventh straight session on Thursday as investors bet recent moves by authorities worldwide to thaw frozen credit markets would not be enough to avert a global recession. The Dow Jones Industrial Average lost 7.3 percent while the S&P500 declined 7.6 percent. (Reporting by Kevin Lim; Editing by Saeed Azhar) |
|||
|
Copyright © 2005 Reuters Limited. All rights reserved. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of Reuters Limited
|