The shares of the Singapore close with a drastic fall at the index, followed by other domestic markets. Earlier, the shares of Singapore and various other regional shares were quiet high at the Wall Street index.

After the drastic fall in the economy of the US and severe cuts made in the employment sector, the stock prices in the Asian market were affected. The shareholders have shifted their interest in the safe sectors for investment like the bonds and gold.

As per the statistical report, the Straits Times Index fell by 69.92 points to end at 2,773.17; total 1.25 billion shares were priced at S$1.09 billion. The banking sector and the goods also met a fall, with the DBS Group witnessing a drop by 36 cents to S$12.74, OCBC fell by 22 cents to S$8.50, while UOB plunged to 33 cents to S$17.78.

As per Jason Hughes, Head of Premium Client Management at IG Markets Singapore, "With U. S. markets closed for the Labor Day holiday this evening, traders are very cautious in a risk-averse environment”. The worst effect of the recession was witnessed by the marine sector of Singapore, which feared that the fall will lower the demand for oil.