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

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ASIAN stocks are mostly in the red on Thursday after early enthusiasm over the European Central Bank's (ECB) announcement of stimulus measures faded and fear returned amid the struggle to contain the Covid-19 pandemic. Read more at The Business Times.

"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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