SINGAPORE - Singapore's benchmark Straits Times Index fell 2.1 percent on opening on Friday, led by falls in financials such as Singapore Exchange and United Overseas Bank after the government confirmed the country was in recession and cut growth forecasts.

Sentiment was also hit by a slide in Wall Street stocks on Thursday, led by a 26.4 percent dive in Citigroup.

By 0107 GMT, the index stood at 1,578.29 points, down 2.2 percent. SGX was down 3.3 percent while UOB lost 2.6 percent.