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Singapore Stock Market May Test Support At 3,200 Points

The Singapore stock market on Thursday snapped the two-day winning streak in which it had advanced more than 60 points or 1.9 percent. The Straits Times Index now rests just above the 3,220-point plateau and it's expected to open under pressure again on Friday.

The global forecast for the Asian markets is soft on renewed concerns about the spread of the coronavirus. The European and U.S. markets were down and the Asian markets figure to follow suit.

The STI finished slightly lower on Thursday as losses from the industrials and plantations were mitigated by support from the financials.

For the day, the index dipped 3.28 points or 0.10 percent to finish at 3,220.09 after trading between 3,211.87 and 3,232.90. Volume was 1.49 billion shares worth 1.19 billion Singapore dollars. There were 205 gainers and 204 decliners.

Among the actives, Mapletree Logistics Trust surged 3.11 percent, while SingTel plummeted 1.80 percent, Ascendas REIT soared 1.23 percent, Wilmar International tumbled 1.20 percent, Genting Singapore spiked 1.14 percent, Yangzijiang Shipbuilding skidded 0.99 percent, SembCorp Industries retreated 0.97 percent, CapitaLand Mall Trust jumped 0.80 percent, Singapore Technologies Engineering climbed 0.71 percent, Thai Beverage declined 0.64 percent, Singapore Exchange sank 0.54 percent, CapitaLand dropped 0.53 percent, Singapore Press Holdings shed 0.49 percent, Oversea-Chinese Banking Corporation collected 0.27 percent, Keppel Corp lost 0.15 percent, United Overseas Bank rose 0.08 percent and DBS Group, Mapletree Commercial Trust, CapitaLand Commercial Trust and Comfort DelGro were unchanged.

The lead from Wall Street is negative as stocks opened lower on Thursday, rebounded as the day progressed but then fell into the red towards the end of the session.

The Dow shed 128.11 points or 0.43 percent to end at 29,423.31, while the NASDAQ fell 13.99 points or 0.14 percent to 9,711.97 and the S&P 500 shed 5.51 points or 0.16 percent to 3,373.94.

Profit taking contributed to initial weakness on Wall Street, as some traders looked to cash in on recent gains amid news of a jump in new coronavirus cases.

The early weakness on Wall Street was subsequently seen as another buying opportunity for some traders even as a number of companies continue to warn about the impact of the outbreak.

In economic news, the Labor Department reported a modest increase in consumer prices in January, as well as a smaller than expected increase in first-time claims for U.S. unemployment benefits.

Crude oil prices edged higher on Thursday despite lingering concerns about the outlook for energy demand. West Texas Intermediate Crude oil futures for March ended up $0.25 or 0.5 percent at $51.42 a barrel.

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