Asia: Stocks slide after ECB measures fail to lift battered sentiment, STI down 4.5%

"Singapore is highly susceptible to external shock in terms of broad macro environment and stock market performance. Therefore, we may need to see the US market stop bleeding before the local market can reach a bottom," Margaret Yang, market analyst at CMC Markets, said.

With travel restrictions imposed by Singapore on more countries than initially expected, the tourism and leisure sector could be hit more heavily. Given Singapore is a small and open economy, disruptions to global trade and investment have also resulted in fears of a recession. In North Asia, Hong Kong's Hang Seng Index fell 850.69 points or 3.8 per cent to 21,441.13, and mainland China's Shanghai Composite Index lost 41.96 points or 1.5 per cent to 2,686.80.

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