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Singapore Bourse May Extend Tuesday's Losses

The Singapore stock market on Tuesday wrote a finish to the four-day winning streak in which it had jumped more than 100 points or 3.3 percent. The Straight Times Index now rests just above the 3,165-point plateau and it's tipped to open under pressure again on Wednesday.

The global forecast for the Asian markets is negative on concerns over the health of the global economy and expected continued profit taking. The European and U.S. markets were down and the Asian markets figure to follow that lead.

The STI finished modestly lower on Tuesday following losses from the financial shares, plantation stocks and industrial issues.

For the day, the index shed 22.83 points or 0.72 percent to finish at 3,167.79 after trading between 3,151.72 and 3,190.08. Volume was 1.49 billion shares worth 1 billion Singapore dollars. There were 281 decliners and 108 gainers.

Among the actives, Yangzijiang Shipbuilding plummeted 4.62 percent, while Golden Agri-Resources plunged 1.96 percent, Genting Singapore tumbled 1.92 percent, Thai Beverage skidded 1.57 percent, Ascendas REIT dropped 1.55 percent, Comfort DelGro retreated 1.40 percent, City Developments declined 1.02 percent, United Overseas Bank contracted 0.77 percent, SembCorp Industries shed 0.73 percent, SingTel fell 0.65 percent, Wilmar International advanced 0.64 percent, DBS Group lost 0.60 percent, CapitaLand Mall Trust added 0.45 percent, Oversea-Chinese Banking Corporation slid 0.43 percent and Hutchison Port Holdings, CapitaLand, CapitaLand Commercial Trust and Keppel Corp all were unchanged.

The lead from Wall Street is brutal as stocks saw a substantial move to the downside on Tuesday, more than offsetting Monday's strong gains.

The Dow shed 799.36 points or 3.10 percent to 25,027.07, while the NASDAQ plunged 283.09 points or 3.80 percent to 7,158.43 and the S&P fell 90.31 points or 3.24 percent to 2,700.006.

The sharp pullback came as the yield on two-year notes rose above the yield on five-year notes, which is seen as an indicator of an upcoming economic slowdown. Profit taking also was a factor following Monday's strong gains.

Uncertainty about whether the 90-day trade truce will give the U.S. and China enough time to reach a long-term trade agreement also inspired traders to cash in.

Crude oil prices moved higher on Tuesday amid speculation the OPEC members will agree on a production cut. Crude oil futures for January delivery ended up $0.30 or 0.6 percent at $53.25 a barrel.

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