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Singapore Bourse Predicted To Open In The Red

The Singapore stock market on Tuesday ended the five-day winning streak in which it had summoned more than 110 points or 4.4 percent. The Straits Times Index now rests just above the 2,660-point plateau and it's looking at another soft start on Wednesday.

The global forecast for the Asian markets is negative on concerns over the rebounding number of coronavirus cases. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.

The STI finished sharply lower on Tuesday following losses from the financial shares, property stocks and industrial issues.

For the day, the index dropped 28.19 points or 1.05 percent to finish at 2,661.42 after trading between 2,657.94 and 2,707.67. Volume was 2.3 billion shares worth 1.24 billion Singapore dollars.

Among the actives, SATS and Comfort DelGro both plummeted 2.63 percent, while SembCorp Industries plunged 2.14 percent, Yangzijiang Shipbuilding tanked 2.04 percent, Dairy Farm International Holdings soared 1.70 percent, Keppel Corp tumbled 1.62 percent, Singapore Airlines skidded 1.53 percent, United Overseas Bank retreated 1.42 percent, DBS Group declined 1.37 percent, CapitaLand surrendered 1.36 percent, Singapore Exchange dropped 1.20 percent, SingTel sank 1.18 percent, Mapletree Logistics Trust shed 0.99 percent, Oversea-Chine Banking Corporation lost 0.96 percent, Singapore Technologies Engineering fell 0.88 percent, Singapore Press Holdings slid 0.76 percent, Wilmar International dipped 0.71 percent, Thai Beverage added 0.69 percent, Genting Singapore slipped 0.64 percent, CapitaLand Commercial Trust rose 0.55 percent, CapitaLand Mall Trust eased 0.48 percent and Ascendas REIT and Mapletree Commercial Trust were unchanged.

The lead from Wall Street is soft as stocks moved significantly lower on Tuesday, giving ground following the strong upward move seen in recent sessions.

The Dow tumbled 396.85 points or 1.51 percent, while the NASDAQ lost 89.76 points or 0.86 percent to end at 10,343.89 and the S&P 500 dropped 34.40 points or 1.08 percent to close at 3,145.32.

The weakness that emerged on Wall Street came as a lack of major U.S. economic data allowed concerns about the coronavirus pandemic to resurface. The concerns came as World Health Organization officials warned that the death toll from the pandemic may start to climb again.

Atlanta Federal Reserve President Raphael Bostic also warned that the spike in coronavirus cases in southern and western states could slow the U.S. economic recovery.

Crude oil futures settled nearly flat on Tuesday as traders weighed the prospects for energy demand amid reports showing a surge in coronavirus infections. West Texas Intermediate Crude oil futures for August settled at $40.62 a barrel, down just a penny from the previous close.

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