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Singapore Stock Market May Stop The Bleeding On Tuesday

The Singapore stock market has tracked lower in two straight sessions, sliding almost 70 points or 2.3 percent in that span. The Straits Times Index now rests just beneath the 3,165-point plateau although it's expected to find support on Tuesday.

The global forecast for the Asian markets is cautiously optimistic on the belief the coronavirus will soon be eliminated. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished modestly lower on Monday as losses from the financial shares and industrial issues were mitigated by support from the properties.

For the day, the index sank 18.33 points or 0.58 percent to finish at 3,163.15 after trading between 3,137.81 and 3,173.32. Volume was 1.59 billion shares worth 1.07 billion Singapore dollars. There were 266 decliners and 160 gainers.

Among the actives, City Developments plummeted 1.63 percent, while SembCorp Industries and Dairy Farms International both plunged 1.48 percent, United Overseas Bank tumbled 1.46 percent, Thai Beverage skidded 1.32 percent, Oversea-Chinese Banking Corporation retreated 1.29 percent, Singapore Technologies Engineering jumped 1.22 percent, Genting Singapore declined 1.16 percent, Comfort DelGro dropped 0.91 percent, SingTel fell 0.90 percent, Mapletree Commercial Trust sank 0.88 percent, DBS Group shed 0.79 percent, Mapletree Logistics Trust lost 0.53 percent, Singapore Press Holdings and Wilmar International both slid 0.50 percent, CapitaLand Mall Trust added 0.41 percent, Singapore Exchange gained 0.34 percent, Ascendas REIT rose 0.31 percent, Keppel Corp was up 0.15 percent and Yangzijiang Shipbuilding, Hongkong Land Holdings, CapitaLand and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is positive as stocks shook off early weakness on Monday and moved higher as the day progressed.

The Dow added 174.31 points or 0.60 percent to end at 29,276.82, while the NASDAQ rose 107.88 points or 1.13 percent to 9,628.39 and the S&P 500 gained 24.38 points or 0.73 percent to 3,352.09.

The strength on Wall Street came as traders returned to ignoring concerns about the economic impact of the deadly coronavirus outbreak. The Chinese government has revealed that a total of 40,171 cases of coronavirus have been confirmed, with 908 people dying from the disease.

Traders seemed reassured by Chinese President Xi Jinping's pledge to win the fight against the coronavirus outbreak, adding that China will speed up the development of drugs aimed at treating the deadly pneumonia-like virus.

Crude oil prices declined sharply on Monday amid rising concerns about the global economy and the outlook for energy demand due to the coronavirus outbreak. West Texas Intermediate Crude oil futures ended down $0.75 or 1.5 percent at $49.57 a barrel, the lowest settlement for a front-month contract since early January 2019.

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