Around the World's Markets: Singapore

THE STRAITS TIMES index fell almost 4 per cent, after the Singapore dollar fell to 1.645 against the dollar on Monday, as

news broke that the island state is officially in recession.

The Ministry of Trade and Industry said yesterday that the economy contracted by 0.7 per cent in the third quarter compared with last year.

Although this was better than had been expected, the stock market still closed down 47.22 points at 1,172.06.