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Singapore Shares Tipped To Extend Losing Streak

The Singapore stock market has moved lower in three straight sessions, tumbling almost 80 points or 2.4 percent in that span. The Straits Times Index now rests just beneath the 3,135-point plateau and it's expected to open under pressure again on Monday.

The global forecast for the Asian markets is soft on ongoing trade war concerns and a drop in crude oil prices. The European markets were mixed and the U.S. bourses were down - and the Asian markets figure to split the difference.

The STI finished modestly lower on Friday following losses from the financials and mixed performances from the properties, industrials and plantations.

For the day, the index fell 13.30 points or 0.42 percent to finish at 3,134.39 after trading between 3,119.89 and 3,140.03. Volume was 1.22 billion shares worth 825 million Singapore dollars. There were 227 decliners and 141 gainers.

Among the actives, Golden Agri-Resources plummeted 7.27 percent, while Ascendas REIT plunged 2.23 percent, Thai Beverage tumbled 1.54 percent, CapitaLand Mall Trust spiked 1.42 percent, CapitaLand Commercial Trust jumped 1.14 percent, SembCorp Industries climbed 1.10 percent, DBS Group skidded 1.06 percent, CapitaLand and City Developments both dropped 0.91 percent, Oversea-Chinese Banking Corporation shed 0.54 percent, Genting Singapore and Keppel Corp both lost 0.47 percent, Wilmar International added 0.32 percent, SingTel fell 0.32 percent, United Overseas Bank eased 0.23 percent and Hutchison Port Holdings, StarHub and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is negative as stocks fluctuated on Friday before ending modestly lower. With the drop, the NASDAQ and the S&P extended recent losses.

The Dow fell 79.33 points or 0.31 percent to 25,916.54, the NASDAQ dipped 20.18 points or 0.25 percent to 7,902.54 and the S&P 500 slipped 6.37 points or 0.22 percent to 2,871.68. For the week, the NASDAQ plunged 2.6 percent, the S&P fell 1 percent and the Dow lost 0.2 percent.

The lower close came amid ongoing trade concerns after President Donald Trump suggested he may impose tariffs on another $267 billion worth of Chinese goods. China's Commerce Ministry has said it will roll out retaliatory measures if the U.S. imposes any new tariffs.

In economic news, the Labor Department noted stronger than expected job growth in August. The report also said the annual rate of average hourly employee earnings growth accelerated. The data painted a positive picture of the economy but reinforced expectations the Federal Reserve will raise interest rates later this month.

Crude oil prices eased Friday, as concerns about a drop in demand due to trade war tensions slightly outweighed data showing a fall in stockpiles. Crude oil futures for October delivery settled at $67.75 a barrel, down 2 cents. For the week, crude oil future lost 2.9 percent.

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