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Singapore Stock Market Likely To Halt Slide

The losing streak has reached five sessions now for the Singapore stock market, which has tumbled more than 100 points or 3.1 percent along the way. The Straits Times Index now rests just beneath the 3,110-point plateau although it's due for a positive bounce on Wednesday.

The global forecast for the Asian markets is upbeat that to a surge in crude oil prices, while bargain hunting also is expected. The European markets were mixed but little changed and the U.S. bourses were up - and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Tuesday as losses from the financials were offset by support from the properties and industrials.

For the day, the index dipped 11.01 points or 0.35 percent to finish at 3,109.91 after trading between 3,103.94 and 3,119.01. Volume was 1.5 billion shares worth 865.6 million Singapore dollars. There were 249 decliners and 138 gainers.

Among the actives, Thai Beverage plummeted 3.17 percent, while Golden Agri-Resources surged 2.00 percent, Comfort DelGro spiked 1.79 percent, Genting Singapore tumbled 0.97 percent, Yangzijiang Shipbuilding jumped 0.93 percent, Ascendas REIT skidded 0.76 percent, CapitaLand Commercial Trust advanced 0.57 percent, United Overseas Bank dropped 0.50 percent, CapitaLand Mall Trust climbed 0.48 percent, Oversea-Chinese Banking Corporation shed 0.45 percent, DBS Group lost 0.37 percent, SembCorp Industries and City Developments both added 0.35 percent, Wilmar International fell 0.32 percent and Hutchison Port Holdings, SingTel and Keppel Corp were unchanged.

The lead from Wall Street is positive as stocks shrugged off a lower open on Tuesday, bouncing off early lows to end in positive territory.

The Dow rose 113.99 points or 0.44 percent to 25,971.06, while the NASDAQ climbed 48.31 points or 0.61 percent to 7,972.47 and the S&P added 10.76 points or 0.37 percent to 2,887.89.

The strength came largely as traders looked to pick up stocks at reduced levels following recent weakness.

Trading activity remained somewhat subdued, however, as a lack of major U.S. economic data kept some traders on the sidelines.

Crude oil futures ended higher on Tuesday, snapping a four-day losing streak, with falling output in Iran tightening global crude supply. Crude oil futures for October ended up $1.70 or 2.5 percent at $69.25 a barrel, the highest settlement price in a week.

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