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Singapore Bourse Predicted To Open In The Red

The Singapore stock market has tracked lower in back-to-back sessions, sliding almost 40 points or 1.2 percent along the way. The Straits Times Index now rests just beneath the 3,335-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets is modestly negative, with weakness from technology stocks likely offset by mild upside from crude oil prices. The European and U.S. markets were down and the Asian bourses are tipped to follow suit.

The STI finished modestly lower on Monday following losses from the financial shares and property stocks.

For the day, the index dropped 32.58 points or 0.97 percent to finish at 3,334.23 after trading between 3,319.19 and 3,356.05. Volume was 1.12 billion shares worth 1.06 billion Singapore dollars. There were 306 decliners and 132 gainers.

Among the actives, SingTel plummeted 2.25 percent, while Ascendas REIT plunged 2.20 percent, Keppel Corp tumbled 2.10 percent, City Developments skidded 1.96 percent, CapitaLand Commercial Trust retreated 1.74 percent, Golden Agri-Resources soared 1.69 percent, CapitaLand Mall Trust declined 1.09 percent, CapitaLand contracted 1.08 percent, DBS Group dropped 1.01 percent, United Overseas Bank shed 0.72 percent, Oversea-Chinese Banking Corporation lost 0.70 percent, Yangzijiang Shipbuilding fell 0.66 percent, Wilmar International sank 0.52 percent, SembCorp Industries slid 0.41 percent, Singapore Exchange added 0.13 percent and Hutchison Port Holdings, Comfort DelGro, Thai Beverage and Genting Singapore were unchanged.

The lead from Wall Street is soft as stocks opened lower on Monday as stayed in the red throughout the session.

The Dow shed 115.98 points or 0.43 percent to 26,806.14, while the NASDAQ lost 63.41 points or 0.78 percent to 8,098.38 and the S&P 500 fell 14.46 points or 0.48 percent to 2,975.95.

The weakness on Wall Street partly reflected waning optimism about a near-term interest rate cut following last Friday's much better than expected jobs data.

A drop by Apple (AAPL) also weighed on markets, with the tech giant tumbling by 2.1 percent after a downgrade on the company's stock.

Crude oil futures settled modestly higher Monday amid rising geopolitical tensions and on hopes for monetary easing by the Federal Reserve this month. West Texas Intermediate Crude oil futures for August rose $0.15 or 0.3 percent at $57.66 a barrel.

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