Renewed Selling Pressure Tipped For Singapore Shares

The Singapore stock market on Monday snapped the two-day slide in which it had surrendered more than 40 points or 1.2 percent. The Straits Times Index now rests just above the 3,575-point plateau although it figures to head south again on Tuesday.

The global forecast for the Asian markets is soft, with profit taking likely following recent gains. A drop in crude oil prices adds to the soft sentiment. The European and U.S. markets were down and the Asian bourses figure to follow suit.

The STI finished modestly higher on Monday following gains from the financials, properties, industrials and plantations.

For the day, the index added 9.93 points or 0.28 percent to finish at 3,577.07 after trading between 3,575.79 and 3,591.18. Volume was 2.3 billion shares worth 1.3 billion Singapore dollars. There were 238 gainers and 208 decliners.

Among the actives, Keppel Corp surged 2.67 percent, while City Developments soared 1.97 percent, Genting Singapore tumbled 1.45 percent, Yangzijiang Shipbuilding spiked 1.25 percent, Hutchison Port Holdings jumped 1.22 percent, Thai Beverage skidded 1.08 percent, CapitaLand Commercial Trust dropped 1.04 percent, Wilmar International climbed 0.94 percent, SembCorp Industries advanced 0.87 percent, Oversea-Chinese Banking Corporation collected 0.84 percent, SingTel added 0.28 percent, CapitaLand gained 0.26 percent, DBS Group was up 0.04 percent and Comfort DelGro, Golden Agri-Resources, United Overseas Bank and CapitaLand Mall Trust all were unchanged.

The lead from Wall Street is negative as stocks gave ground on Monday after several days of record closing highs for the major averages.

The Dow shed 177.23 points or 0.67 percent to 26,439.48, while the NASDAQ lost 39.27 points or 0.52 percent and the S&P 500 fell 19.34 points or 0.67 percent to 2,853.53.

Profit taking contributed to the weakness on Wall Street, as traders cashed in on recent gains. Also, the Federal Reserve's monetary policy announcement and the Labor Department's monthly jobs report may be keeping some traders on the sidelines.

In economic news, the Commerce Department said personal income rose slightly more than expected in December, while personal spending climbed in line with expectations.

Crude oil futures fell Monday amid indications U.S. production will be ramped up, as well as a strengthening U.S. dollar. March WTI oil was down 58 cents or 0.9 percent to $65.56/bbl.

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