The Singapore stock market opened sharply lower due to the overnight plunge in US stocks. The FTSE Singapore Straits Times Index (STI) suffered a heavy blow at the opening, falling by more than 2%.

• Sharp Index Plunge: The Straits Times Index opened down 2.28% (or 120.51 points) at 5175.74, with the decline widening to 2.36% at one point during the session, showing a broad-based decline.

• Panic Spreads: Only 21 stocks rose during the opening phase, while a staggering 227 declined, with all 30 Straits Times Index components unusually falling.