Singapore share prices trimmed their losses but finished the early session 1.44 percent lower on Friday as worries mounted that the US economy is heading for a recession, dealers said.
The blue chip Straits Times Index slumped 3.0 per cent before the selloff eased and the index finished down 45.13 points at 3,094.75 at the mid-day break.
Shares around the region sank after Wall Street plummeted to fresh lows as bleak data on housing and manufacturing, along with a massive loss from US investment and brokerage firm Merrill Lynch, fanned recession fears and prompted investors to run for cover.
Focus was turning to an announcement scheduled Friday by United States President George W. Bush. He was to reveal "short-term, temporary measures" to stimulate an economy buffeted by housing and credit woes, a spokesman said.
"Whether the stimulus package will be sufficient or not, we don't know at this point, but how deep the US slowdown is will be the more critical part," said Suan Teck Kin, an economist at United Overseas Bank.
The blue chip Straits Times Index slumped 3.0 per cent before the selloff eased and the index finished down 45.13 points at 3,094.75 at the mid-day break.
Shares around the region sank after Wall Street plummeted to fresh lows as bleak data on housing and manufacturing, along with a massive loss from US investment and brokerage firm Merrill Lynch, fanned recession fears and prompted investors to run for cover.
Focus was turning to an announcement scheduled Friday by United States President George W. Bush. He was to reveal "short-term, temporary measures" to stimulate an economy buffeted by housing and credit woes, a spokesman said.
"Whether the stimulus package will be sufficient or not, we don't know at this point, but how deep the US slowdown is will be the more critical part," said Suan Teck Kin, an economist at United Overseas Bank.
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