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Continued Consolidation Called For Singapore Stock Market

The Singapore stock market on Monday ended the five-day winning streak in which it had jumped more than 150 points or 5.3 percent. The Straits Times Index now sits just beneath the 2,985-point plateau and it's got another soft lead for Tuesday.

The global forecast for the largely overbought Asian markets is negative, with profit taking expected to limit any upside. The European and U.S. markets were down and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly lower on Monday following losses from the financial shares and mixed performances from the industrial issues and properties.

For the day, the index fell 9.29 points or 0.31 percent to finish at 2,983.90 after trading between 2,971.93 and 2,993.16. Volume was 2.37 billion shares worth 1.58 billion Singapore dollars. There were 264 gainers and 244 decliners.

Among the actives, Jardine Cycle skyrocketed 5.87 percent, while Yangzijiang Shipbuilding surged 3.92 percent, Thai Beverage soared 2.67 percent, Hongkong Land spiked 2.33 percent, City Developments plummeted 2.18 percent, DBS Group plunged 1.82 percent, United Overseas Bank tanked 1.69 percent, SingTel accelerated 1.63 percent, SATS rallied 1.50 percent, Mapletree Commercial Trust tumbled 1.36 percent, Oversea-Chinese Banking Corporation skidded 1.21 percent, Comfort DelGro retreated 1.17 percent, Singapore Airlines declined 0.69 percent, CapitaLand advanced 0.59 percent, Genting Singapore sank 0.58 percent, SembCorp shed 0.55 percent, Dairy Farm International added 0.45 percent, CapitaLand Integrated Commercial Trust lost 0.44 percent, Singapore Exchange gained 0.40 percent. Keppel Corp rose 0.18 percent and Wilmar International, Mapletree Logistics, Ascendas REIT, Singapore Technologies Engineering, CapitaLand Commercial Trust and Singapore Press Holdings all were unchanged.

The lead from Wall Street is soft as stocks opened in the red on Monday, made back a bit of ground but still ended firmly in the red.

The Dow skidded 89.28 points or 0.29 percent to finish at 31,008.69, while the NASDAQ tumbled 165.54 points or 1.25 percent to end at 13,036.43 and the S&P 500 lost 25.07 points or 0.66 percent to close at 3,799.61.

Profit taking contributed to the initial weakness on Wall Street after the major averages climbed to new record closing highs last Friday as traders cashed in on recent gains.

Concerns about developments in Washington also weighed on stocks as Democrats prepare another attempt to remove President Donald Trump from office. House Democrats are preparing to once again impeach Trump even though the president has less than two weeks left in his term.

Crude oil futures settled flat on Monday as rising coronavirus cases and tighter lockdown measures across the world raised concerns about outlook for energy demand. West Texas Intermediate Crude oil futures for February settled at $52.25 a barrel, up 1 cent from the previous close.

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