The benchmark Straits Times Index (STI) shed 3.61 percent or 112.23 points to end Friday's trade at 2,994.78. This is the index's biggest daily loss in percentage terms since March 2, 2009 and lowest closing level since March 21, 2011.
Massive selling pressure pushed market volume to 2.81 billion shares worth S$2.9 billion. There are 650 stocks lower across the market, and just 56 risers; 504 issues remained unchanged.
SingTel shares were 7.83 percent lower at S$3.06, Noble shares were down 6.87 per cent at S$1.63, and Capitaland saw its shares down 4.64 percent to S$2.67.
Markets tumbled across Asia - with Tokyo, Sydney, Seoul and Taiwan all hammered - as already-fragile confidence was hit by more weak US economic data and a warning that the eurozone debt crisis had likely spread.
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