Billions Of Dollars Vanished From The Market
Friday, 5th August 2011
It was estimated that S$18 Billion was wipe off from the Singapore stock market when the STI (Straits Times Index) nose dived four percentage points. The benchmark index plunged close below the 3,000 in its biggest one-day decline since 2008. Singapore's Politicians were again out to remind the people to brace themselves for hard landing but not to panic. Shares slump globally with trillions of US Dollars wiped off the value of global markets.
The slide begins in 1 August 2011 when market was trading in and around the 3,200 level. The plunge was in line with world markets which saw huge sell-off over fears that another global economic crisis.