STI crashes past critical 3,000-mark as big caps tumble

Banks are taking a beating.

The Singapore stock market was bathed in red early Friday as the benchmark Straits Times Index (STI) crashed past the crucial 3,000-point support level.

"Once the 3000 support gives way, we could potentially see the index slipping further towards the 2800 region in the coming months," OCBC Research said in a note.

Shares of DBS, OCBC and UOB have slumped by 2.4%, 2.8% and 3.2%, respectively. These three banks together represent just over one third of the weight of the STI.

Other heavyweights such as SingTel, Keppel Corporation, Global Logistics Properties and ComfortDelGro also endured losses.

The STI has lost 1.9%, or 57.91 points as at 11:30 today.

"In the meantime, we peg the next intermediate support around 2960," OCBC said.