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No Help Yet For Singapore Stock Market

The Singapore stock market has moved lower in five straight sessions, sliding more than 135 points or 4.2 percent along the way. The Straits Times Index now rests just above the 3,130-point plateau and it may take further damage on Thursday.

The global forecast for the Asian markets is broadly negative thanks to growing concerns over growth, trade and interest rates. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The STI finished sharply lower on Wednesday following losses from the financial shares, property stocks and industrial issues.

For the day, the index dropped 35.12 points or 1.11 percent to finish at 3,131.48 after trading between 3,129.50 and 3,169.57. Volume was 1.6 billion shares worth 1.1 billion Singapore dollars. There were 302 decliners and 119 gainers.

Among the actives, Comfort DelGro plummeted 5.06 percent, while Golden Agri-Resources soared 2.00 percent, SembCorp Industries plunged 1.99 percent, Hutchison Port Holdings tumbled 1.92 percent, CapitaLand Mall Trust skidded 1.40 percent, SingTel dropped 1.26 percent, DBS Group retreated 1.23 percent, Genting Singapore and Singapore Exchange both lost 0.99 percent, Oversea-Chinese Banking Corporation fell 0.90 percent, Yangzijiang Shipbuilding slid 0.79 percent, Keppel Corp dipped 0.71 percent. Wilmar International eased 0.63 percent, United Overseas Bank was down 0.50 percent and CapitaLand Commercial Trust, Thai Beverage and Ascendas REIT were unchanged.

The lead from Wall Street is brutal as stocks saw substantial weakness on Wednesday, with the tech-heavy NASDAQ tumbling to a three-month closing low.

The Dow shed 831.83 points or 3.15 percent to 25,598.74, while the NASDAQ plunged 315.97 points or 4.08 percent to 7,422.05 and the S&P tumbled 94.66 points or 3.29 percent to 2,785.68.

Technology stocks led the way lower on Wall Street, with Netflix (NFLX), Amazon (AMZN), Apple (AAPL) and Facebook (FB) all posting significant losses on the day.

The sell-off came amid lingering concerns about the outlook for interest rates following a recent increase in treasury yields. Treasury yields moved higher after the Labor Department reported a rebound in producer prices in September.

The Federal Reserve raised interest rates by a quarter point to 2 to 2.25 percent last month, marking the third rate hike this year. The Fed's projections point to one more increase in rates this year and three rate hikes next year.

Crude oil prices drifted lower on Wednesday, amid prospects of a drop in crude demand due to weak global economic growth outlook. Crude oil futures for November ended down $1.79 or 2.4 percent at $73.17 a barrel.

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