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Losses May Accelerate For Singapore Stock Market

The Singapore stock market headed south again on Tuesday, one session after it had ended the five-day losing streak in which it had surrendered almost 90 points or 2.6 percent. The Straits Times Index now rests just beneath the 3,380-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is flat, with many traders away during the period between Christmas and New Year's - although support from crude oil prices may limit the downside. The European and U.S. markets were slightly lower and the Asian bourses figure to follow suit.

The STI finished slightly lower on Tuesday following losses from the industrials and plantations, while the properties and financials were mixed.

For the day, the index fell 7.55 points or 0.22 percent to finish at 3,378.16 after trading between 3,370.22 and 3,386.06. Volume was 558.3 million shares worth 522.4 million Singapore dollars.

Among the actives, Yangzijiang Shipbuilding and Golden Agri-Resources both plummeted 2.67 percent, while Keppel Corp tumbled 2.41 percent, SembCorp plunged 1.32 percent, CapitaLand skidded 0.57 percent, Thai Beverage lost 0.55 percent, Global Logistic Properties added 0.30 percent, DBS Group dipped 0.28 percent, SingTel gained 0.28 percent, United Overseas Bank collected 0.23 percent and Hutchison Port Holdings, Comfort DelGro, CapitaLand Commercial Trust, Oversea-Chinese Banking Corporation, Genting Singapore and Wilmar International all were unchanged.

The lead from Wall Street is mildly negative as stocks saw modest weakness on Tuesday after the long weekend, although the selling pressure was subdued.

The Dow shed 7.85 points or 0.03 percent to 24,746.21, while the NASDAQ fell 23.71 points or 0.34 percent to 6,936.25 and the S&P 500 dipped 2.84 points or 0.11 percent to 2,680.50.

A decline by shares of Apple (AAPL) weighed on the tech-heavy NASDAQ, with the tech giant slumping 2.5 percent. Overall activity was light as many traders were still away after Christmas.

Volume may remain light throughout the week, although some traders may look to do some window dressing going into the end of the year.

Crude oil futures surged to the highest in two years Tuesday, extending recent gains after a Libyan pipeline blast threatened supplies from the region. On a quiet day in the markets after the Christmas holiday, February oil was up $1.50 or 2.6 percent to $59.97/bbl, the highest since June 2015.

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