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Singapore Bourse May Extend Monday's Losses

The Singapore stock market on Monday halted the four-day winning streak in which it had collected almost 20 points or 0.6 percent. The Straits Times Index now rests just above the 3,325-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets suggests mild consolidation on weak earnings news and falling crude oil prices. The European markets were slightly higher and the U.S. bourses were slightly lower and the Asian markets are tipped to follow the latter lead.

The STI finished modestly lower on Monday following losses from the industrials and mixed performances from the financials, properties and plantations.

For the day, the index dipped 6.12 points or 0.18 percent to finish at 3,325.86 after trading between 3,321.06 and 3,344.17. Volume was 1.19 billion shares worth 858.57 million Singapore dollars. There were 211 gainers and 186 decliners.

Among the actives, Golden Agri-Resources plummeted 3.12 percent, while Hutchison Port Holdings surged 2.13 percent, Thai Beverage plunged 1.85 percent, Singapore Exchanged tumbled 1.22 percent, CapitaLand soared 1.10 percent, CapitaLand Mall Trust skidded 0.84 percent, Wilmar International jumped 0.84 percent, SembCorp Industries dropped 0.73 percent, Yangzijiang Shipbuilding shed 0.62 percent, Oversea-Chinese Banking Corporation sank 0.60 percent, Genting Singapore lost 0.52 percent, CapitaLand Commercial Trust climbed 0.52 percent, Comfort DelGro advanced 0.38 percent, SingTel added 0.32 percent, United Overseas Bank fell 0.26 percent, Singapore Technologies gained 0.26 percent, Keppel Corp eased 0.15 percent and DBS Group collected 0.11 percent.

The lead from Wall Street is soft as stocks opened lower on Monday; they made back ground as the day progressed but still finished slightly in the red.

The Dow shed 27.53 points or 0.10 percent to finish at 26,384.77, while the NASDAQ lost 8.15 points or 0.10 percent to 7,976.01 and the S&P 500 fell 1.83 points or 0.06 percent to end at 2,905.58.

The weakness on Wall Street reflected a negative reaction to earnings news from Goldman Sachs (GS) and Citigroup (C), while traders were reluctant to make significant moves ahead of more quarterly results in the coming days.

In economic news, the New York Federal Reserve reported that growth in regional manufacturing activity picked up somewhat in April but remained fairly subdued.

Crude oil futures edged lower on Monday on reports Russia and OPEC might increase production to boost their market share. West Texas Intermediate crude oil futures for May ended down $0.49 or 0.8 percent at $63.40 a barrel.

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