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Singapore Stock Market Set To Extend Losing Streak

The Singapore stock market has finished lower in back-to-back trading days, sinking more than 25 points or 1 percent along the way. The Straits Times Index now rests just above the 2,555-point plateau and it may take further damage on Friday.

The global forecast for the Asian markets is soft, with profit taking expected following recent gains. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished slightly lower on Thursday as losses from the financial shares and property stocks were mitigated by support from the industrials.

For the day, the index lost 6.60 points or 0.26 percent to finish at 2,555.34 after trading between 2,554.68 and 2,583.03. Volume was 1.48 billion shares worth 1.09 billion Singapore dollars.

Among the actives, Singapore Press Holdings surged 4.00 percent, while SATS soared 2.87 percent, Comfort DelGro spiked 2.58 percent, Singapore Airlines accelerated 1.96 percent, Mapletree Logistics Trust plummeted 1.65 percent, Wilmar International plunged 1.55 percent, SembCorp Industries jumped 1.29 percent, CapitaLand Commercial Trust tumbled 1.22 percent, CapitaLand Mall Trust skidded 1.05 percent, Singapore Technologies Engineering retreated 0.94 percent, Keppel Corp declined 0.66 percent, Genting Singapore climbed 0.65 percent, Yangzijiang Shipbuilding advanced 0.53 percent, United Overseas Bank surrendered 0.46 percent, SingTel added 0.37 percent, CapitaLand gained 0.34 percent, Oversea-Chinese Banking Corporation dropped 0.34 percent, DBS Group sank 0.26 percent, Singapore Exchange fell 0.20 percent and Ascendas REIT, Mapletree Commercial Trust and Thai Beverage were unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Thursday before finally slipping firmly into negative territory.

The Dow shed 101.78 points or 0.41 percent to finish at 24,474.12, while the NASDAQ sank 90.90 points or 0.97 percent to 9.284.88 and the S&P 55 fell 23.10 points or 0.78 percent to end at 2,948.51.

The weakness on Wall Street was partly due to profit taking, as some traders cashed in on the strong gains posted on Monday and Wednesday.

Traders were also reacting to a Labor Department report showing initial jobless claims pulled back further off their record high but remain at an elevated level.

Also, the National Association of Realtors released a report showing another steep drop in U.S. existing home sales in April.

Crude oil prices moved up Thursday, extending recent gains amid continued optimism about a pickup in energy demand and falling supply levels in the market. West Texas Intermediate crude oil futures rose $0.43 or 1.3 percent at $33.92 a barrel.

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