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Singapore Stock Market May Inch Lower Again On Wednesday

The Singapore stock market on Tuesday halted the two-day winning streak in which it had advanced almost 45 points or 1.5 percent. The Straits Times Index now rests just beneath the 3,210-point plateau and it's likely to stay rangebound again on Wednesday.

The global forecast for the Asian markets is mixed and fairly flat amid a lack of strong catalysts. The European markets were up and the U.S. bourses were down and the Asian markets figure to split the difference.

The STI finished barely lower on Tuesday following losses from the property and industrial stocks, while the financials were mostly higher.

For the day, the index dipped 2.11 points or 0.07 percent to finish at 3,207.63 after trading between 3,194.88 and 3,221.10. Volume was 1.98 billion shares worth 1.22 billion Singapore dollars. There were 206 gainers and 173 decliners.

Among the actives, Ascendas REIT tumbled 0.65 percent, while CapitaLand tanked 0.79 percent, CapitaLand Integrated Commercial Trust lost 0.45 percent, City Developments plunged 0.85 percent, Comfort DelGro and Singapore Press Holdings both dropped 0.56 percent, DBS Group eased 0.03 percent, Keppel Corp slid 0.36 percent, Mapletree Logistics Trust shed 0.51 percent, Oversea-Chinese Banking Corporation and Singapore Technologies Engineering both added 0.51 percent, SATS was up 0.23 percent, Singapore Airlines jumped 0.89 percent, Singapore Exchange sank 0.60 percent, Thai Beverage skidded 0.64 percent, United Overseas Bank collected 0.62 percent, Wilmar International fell 0.37 percent, Yangzijiang Shipbuilding plummeted 4.55 percent and SingTel, SembCorp Industries, Dairy Farm International, Mapletree Commercial Trust, Genting Singapore and UOL Group all were unchanged.

The lead from Wall Street suggests mild consolidation as the major averages opened lower but then spent the day bouncing back and forth across the unchanged line before eventually closing slightly in the red.

The Dow shed 96.95 points or 0.29 percent to finish at 33,430.24, while the NASDAQ dipped 7.21 points or 0.05 percent to end at 13,698.38 and the S&P 500 eased 3.97 points or 0.10 percent to close at 4,073.94.

The choppy trading on Wall Street came as traders expressed some uncertainty about the near-term outlook for the markets following recent strength.

Meanwhile, traders largely shrugged off news the International Monetary Fund raised its global growth projections for this year and next, citing huge fiscal stimulus in some big economies and a vaccine-driven recovery in the future.

Crude oil prices moved higher on Tuesday, riding a weaker U.S. dollar. West Texas Intermediate Crude oil futures for May ended higher by $0.68 or 1.2 percent at $59.33 a barrel.

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