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STI suffers biggest single-day dive since 2008

The index drops 178.61 points to 2,782.37 points; all 30 index components end the day in the red

Published Mon, Mar 9, 2020 · 09:50 PM

THE combination of a worsening of the Covid-19 outbreak and a shock in the oil markets has pushed stocks off a cliff, with the Straits Times Index (STI) registering its biggest single day loss since October 2008.

The STI lost 178.61 points or 6 per cent to end the day at 2,782.37 points, the lowest it has been since June 2016. All 30 of the index's components ended the day in the red.

Market sentiment, already weak from virus-related fears, took a further hit as Saudi Arabia launched an oil price war by slashing its official selling prices.

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