The Monetary Authority of Singapore (MAS), the country's central bank, said Friday Singapore 's financial system remains sound despite the recent slump in the stock market.

MAS said the country's financial system is supported by healthy financial positions of the corporate and household sectors, and believed that the underlying conditions supporting Singapore 's macroeconomic growth and stability remain intact, Channel NewsAsia reported Friday night.

Singapore's benchmark Straits Times Index (STI) closed at 2,343 points on Friday, down some 11.9 percent as compared with the STI's historic high of 2659.7 points achieved on May 3 this year.

The STI dropped 85.5 points on May 15, the biggest single-day fall in two years, while it touched this year's lowest level of 2, 280.7 points this Wednesday.

Source: Xinhua