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Singapore Bourse May Extend Tuesday's Losses

The Singapore stock market on Tuesday snapped the modest two-day winning streak in which it had picked up more than 25 points or 0.7 percent. The Straits Times Index now rests just beneath the 3,240-point plateau and it may take further damage on Wednesday.

The global forecast for the Asian markets is mixed to lower, with tech shares offering mild support against pessimism regarding a trade deal between the United States and China - as well as plummeting crude oil prices. The European and U.S. markets were mostly lower and the Asian bourses figure to follow that lead.

The STI finished modestly lower on Tuesday following losses from the financial shares and plantation stocks, while the properties were mixed.

For the day, the index lost 19.79 points or 0.61 percent to finish at 3,238.87 after trading between 3,224.36 and 3,248.74. Volume was 1.49 billion shares worth 1.09 billion Singapore dollars. There were 217 decliners and 183 gainers.

Among the actives, Golden Agri-Resources plummeted 5.88 percent, while Yangzijiang Shipbuilding plunged 1.85 percent, Ascendas REIT surged 1.38 percent, City Developments tumbled 1.36 percent, SembCorp Industries skidded 1.31 percent, Comfort DelGro soared 1.29 percent, CapitaLand dropped 1.08 percent, CapitaLand Commercial Trust jumped 1.01 percent, Singapore Airlines and United Overseas Bank both shed 0.97 percent, SingTel fell 0.93 percent, Singapore Press Holdings sank 0.89 percent, CapitaLand Mall Trust advanced 0.79 percent, Oversea-Chinese Banking Corporation lost 0.63 percent, DBS Group dipped 0.60 percent, Thai Beverage added 0.53 percent, Genting Singapore retreated 0.53 percent, Mapletree Commercial Trust rose 0.43 percent, Keppel Corp was down 0.29 percent and Wilmar International and Singapore Exchange were unchanged.

The lead from Wall Street is murky as stocks showed a lack of direction Tuesday, bouncing back and forth across the unchanged line before eventually ending the session mixed.

The Dow shed 102.24 points or 0.36 percent to 27,933.98, while the NASDAQ rose 20.72 points or 0.24 percent to 8,570.66 and the S&P 500 fell 1.85 points or 0.06 percent to 3,120.18.

Stocks initially moved to the upside amid recent upward momentum, which has helped propel stocks to record highs amid unshakable optimism about a potential U.S.-China trade deal. Buying interest waned shortly after the start of trading, however, with disappointing results from Home Depot (HD) offsetting the positive sentiment.

In economic news, the Commerce Department noted a substantial rebound in new residential construction and building permits in October.

Crude oil prices plunged sharply on Tuesday amid rising concerns about excess supply in the market and uncertainty about the U.S. and China trade deal. West Texas Intermediate Crude oil futures for December ended down $1.84 or 3.2 percent at $55.21 a barrel.

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