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Singapore Bourse May Open Under Pressure On Tuesday

The Singapore stock market moved lower again on Monday, one session after it had snapped the six-day losing streak in which it had plummeted more than 220 points or 7 percent. The Straits Times Index now rests just above the 3,045-point plateau and it may open in the red again on Tuesday.

The global forecast for the Asian markets is soft on rising geopolitical concerns. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The STI finished modestly lower on Monday following weakness from the industrials and mixed performances from the financial shares and property stocks.

For the day, the index dropped 23.20 points or 0.76 percent to finish at 3,045.97 after trading between 3,045.53 and 3,067.80. Volume was 1.67 billion shares worth 1 billion Singapore dollars. There were 262 decliners and 143 gainers.

Among the actives, Comfort DelGro plummeted 3.20 percent, while Yangzijiang Shipbuilding plunged 2.36 percent, SingTel tumbled 2.20 percent, Golden Agri-Resources skidded 2.08 percent, Wilmar International dropped 1.96 percent, CapitaLand Commercial Trust retreated 1.74 percent, CapitaLand declined 1.29 percent, Keppel Corp shed 1.18 percent, Genting Singapore lost 1.05 percent, Oversea-Chinese Banking Corporation fell 0.84 percent, United Overseas Bank slid 0.51 percent, CapitaLand Mall Trust climbed 0.48 percent, Ascendas REIT advanced 0.40 percent, SembCorp Industries gave away 0.34 percent, DBS Group collected 0.25 percent and Hutchison Port Holdings and Thai Beverage were unchanged.

The lead from Wall Street is negative as stocks fluctuated on Monday, bouncing back and forth across the unchanged line before ending in the red.

The Dow shed 89.44 points or 0.35 percent to end at 25,250.55, while the NASDAQ lost 66.15 points or 0.88 percent to finish at 7,430.74 and the S&P fell 16.34 points or 0.59 percent to 2,750.79.

The lower close on Wall Street came after the Commerce Department noted much weaker than expected U.S. retail sales growth in September. Also, the Federal Reserve Bank of New York said the pace of growth in New York manufacturing accelerated more than expected in October.

Oil futures were higher Monday on rising geopolitical tensions between the U.S. and Saudi Arabia following the disappearance of prominent journalist Jamal Khashoggi. Crude oil futures for November ended up $0.44 or 0.6 percent at $71.78 a barrel.

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