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The weakness in the overall financial sector sent the Dow Jones industrial average down 180.51 points or 1.55 percent to 11,479.39.
At 0140 GMT, the benchmark Straits Times Index was down 42.91 points or 1.6 percent to a fresh 20-month low of 2,734.07.
Decliners outnumbered gainers 206 to 46, with 1,143 stocks unchanged.
There were 111.30 million shares traded valued at S$138.90 million.
"Sentiment remains extremely weak with most funds wanting to increase their cash holding ratios with expectations of a further slowdown in the United States and China after the Olympics," said DMG & Partners in a note to clients.
Slowing U.S. and global economic growth has already dragged down Singapore's non-oil domestic exports, which contracted for the third straight month in July.
"The weakness of the U.S. economy has contributed to the contraction of Singapore exports. This will adversely affect Singapore GDP growth," DMG said.
The city-state's economy, however, will likely be cushioned by the current construction boom and rising tourist arrivals in the country in the run up to the Formula One races next month, it said.
Banking shares were lower, with DBS Group down 2.3 percent at S$17.98 and Oversea-Chinese Banking Corp (OCBC) 1.5 percent lower at S$8.13.
United Overseas Bank (UOB) requested a trading suspension as it confirmed a newspaper report that it may sell preference shares. Trading will resume at 0200 GMT.
UOB did not say how much it intends to raise from the sale of preference shares, but the Straits Times newspaper said the bank could raise at least S$1.0 billion.
DBS and OCBC have recently sold preference shares to boost capital in the wake of rapid loan growth.
Property shares were lower, with CapitaLand off 3.8 percent at S$4.53, City Developments easing 2.5 percent to S$9.89 and Keppel Land down 2.6 percent at S$4.07.
Among other blue chips, Singapore Airlines was 0.4 percent lower at S$15.34, Singapore Exchange fell 2.1 percent to S$6.41 and Singapore Telecom was 0.9 percent lower at S$3.41.
($1=S$1.41)
jonathan.burgos@thomsonreuters.com
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