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Singapore Stock Market May Give Up Support At 3,200 Points

The Singapore stock market has moved lower in back-to-back trading days, sliding almost 60 points or 1.8 percent along the way. The Straits Times Index now rests just beneath the 3,210-point plateau and it may take further damage on Monday.

The global forecast for the Asian markets is negative on growing concerns about the outlook for interest rates. The European and U.S. markets were firmly lower and the already oversold Asian bourses are tipped to at least open in the red.

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

For the day, the index dropped 21.80 points or 0.67 percent to finish at 3,209.79 after trading between 3,198.72 and 3,230.01. Volume was 1.55 billion shares worth 936.2 million Singapore dollars. There were 243 decliners and 125 gainers.

Among the actives, Keppel Corp plummeted 2.20 percent, CapitaLand Mall Trust plunged 1.85 percent, CapitaLand tumbled 1.51 percent, CapitaLand Commercial Trust skidded 1.14 percent, SingTel dropped 0.93 percent, Oversea-Chinese Banking Corporation retreated 0.89 percent, Ascendas REIT declined 0.78 percent, Thai Beverage shed 0.71 percent, Singapore Press Holdings lost 0.69 percent, Wilmar International fell 0.62 percent, United Overseas Bank collected 0.19 percent, DBS Group added 0.04 percent and Hutchison Port Holdings, Golden Agri-Resources, Genting Singapore and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is soft as stocks opened sharply lower on Friday and remained in the red throughout the session, extending recent losses.

The Dow slid 180.43 points or 0.68 percent to 26,447.05, the NASDAQ tumbled 91.06 points or 1.16 percent to 7,788.45 and the S&P fell 16.04 points or 0.55 percent to 2,885.57. For the week, the eased 0.1 percent, the S&P lost 1 percent and the NASDAQ plunged 3.2 percent.

The weakness on Wall Street came as treasury yields extended a recent upward move following the release of the monthly jobs report, adding to concerns about the outlook for interest rates.

While the Labor Department report showed weaker than expected job growth in September, the jump in employment in August was upwardly revised and the unemployment rate fell to 3.7 percent for its lowest level since 1969.

Also, the Commerce Department showed the U.S. trade deficit widened in August, reflecting an increase in imports and a decrease in exports.

Crude oil prices retreated after edging higher early on in the session on Friday, as traders weighed the decision of Russia and Saudi Arabia to increase output. Crude oil futures for November ended at $74.34 a barrel, gaining a penny.

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