<Late Update. Discussion as per 14 Jun 2013>
Before our local benchmark index took the plunge, there was a discussion that the rally was mainly contributed to the Singapore banking counters and Singtel. Having said that, it shouldn't come as a surprise that the recent plunge was also mainly due to the Singapore banking counters.
As shown below, STI reached a high of 3465 on 22 May this year and has since fallen circa 335 points.
The following table from Bloomberg shows how much the respective STI constituents have contributed to this fall. A quick glance would tell you that the Banks and Singtel contributed to most of this drop.
