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Singapore Bourse Likely To Give Up Support At 3,200 Points

The Singapore stock market on Wednesday wrote a finish to the six-day winning streak in which it had jumped almost 90 points or 2.8 percent. The Straits Times Index now rests just above the 3,205-point plateau and it's looking at another oft start again on Thursday.

The global forecast for the Asian markets is negative on continuing concerns over world trade, plus a deep drop in crude oil prices. The European and U.S. markets were down and the Asian markets figure to open in similar fashion.

The STI finished barely lower on Wednesday following mixed performances from the financials, properties, industrials and plantations.

For the day, the index slid 1.84 points or 0.06 percent to finish at 3,207.74 after trading between 3,193.84 and 3,224.09. Volume was 1.15 billion shares worth 1 billion Singapore dollars. There were 218 decliners and 146 gainers.

Among the actives, Hongkong Land Holdings plummeted 2.93 percent, while Comfort DelGro surged 1.96 percent, Thai Beverage plunged 1.79 percent, City Developments soared 1.77 percent, SembCorp Industries tumbled 1.24 percent, Genting Singapore skidded 1.12 percent, SingTel jumped 0.91 percent, Yangzijiang Shipbuilding climbed 0.69 percent, Singapore Exchange dropped 0.67 percent, Wilmar International advanced 0.59 percent, CapitaLand Commercial Trust added 0.49 percent, Ascendas REIT sank 0.34 percent, United Overseas Bank collected 0.33 percent, Keppel Corp dipped 0.16 percent, Oversea-Chinese Banking Corporation fell 0.09 percent, DBS Group rose 0.08 percent and Hutchison Port Holdings, Singapore Press Holdings, Golden Agri-Resources, Singapore Technologies Engineering and CapitaLand Mall Trust all were unchanged.

The lead from Wall Street is soft as stocks turned in a lackluster performance on Wednesday before ending slightly lower, extending losses from the previous session.

The Dow shed 43.68 points or 0.17 percent to finish at 26,004.83, while the NASDAQ lost 29.85 points or 0.38 percent to 7,792.72 and the S&P 500 fell 5.88 points or 0.20 percent to 2,879.84.

The weakness on Wall Street came as traders weighed lingering trade concerns against optimism about an interest rate cut by the Federal Reserve.

The U.S.-China trade conflict has moved back into the spotlight ahead of the G20 summit later this month - however, a report showing tame inflation has further fueled expectations that the Federal Reserve will cut interest rates in the near future.

Crude oil futures plunged sharply on Wednesday after the Energy Information Administration showed a jump in U.S. crude stockpiles for a second straight week. West Texas Intermediate Crude oil futures for July ended down $2.13 or 4 percent at $51.14 a barrel, the lowest settlement price since mid-January.

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