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Singapore Stock Market Tipped To Open Under Pressure On Tuesday

The Singapore stock market has moved lower in four straight sessions, sinking more than 80 points or 2.5 percent along the way. The Straits Times Index now rests just above the 3,275-point plateau and it's tipped to open in the red again on Tuesday.

The global forecast for the Asian markets is soft on concerns over economic growth and the outlook for interest rates. The European and U.S. markets were sharply lower 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 industrials, while the properties were mixed.

For the day, the index fell 16.82 points or 0.51 percent to finish at 3,275.07 after trading between 3,270.73 and 3,294.88.

Among the actives, Ascendas REIT sank 0.71 percent, while CapitaLand Integrated Commercial Trust climbed 0.89 percent, CapitaLand Investment retreated 1.01 percent, City Developments gained 0.37 percent, Comfort DelGro lost 0.61 percent, DBS Group slid 0.51 percent, Genting Singapore shed 0.63 percent, Jardine Cycle plummeted 3.00 percent, Keppel Corp tanked 1.47 percent, Mapletree Commercial Trust fell 0.53 percent, Mapletree Industrial Trust skidded 0.79 percent, Mapletree Logistics Trust declined 1.02 percent, Oversea-Chinese Banking Corporation dipped 0.50 percent, SATS added 0.45 percent, SembCorp Industries plunged 2.37 percent, Singapore Exchange stumbled 0.94 percent, Singapore Technologies Engineering soared 2.24 percent, SingTel rose 0.36 percent, Thai Beverage dropped 0.73 percent, United Overseas Bank surrendered 1.05 percent, Wilmar International tumbled 1.15 percent and Yangzijiang Financial, Yangzijiang Shipbuilding, Dairy Farm International and Hongkong Land were unchanged.

The lead from Wall Street is broadly negative as the major averages opened sharply lower on Monday and the losses only accelerated as the day progressed.

The Dow plunged 653.67 points or 1.99 percent to finish at 32,245.70, while the NASDAQ plummeted 521.41 points or 4.29 percent to close at 11,623.25 and the S&P 500 tumbled 132.10 points or 3.20 percent to end at 3,991.24.

Traders seem worried aggressive moves by global central banks to contain inflation could lead to a period of stagflation or an outright recession. Rising treasury yields also contributed to the selloff.

The extended sell-off on Wall Street also came as traders looked ahead to inflation data later this week. The latest snapshot of inflation could impact expectations regarding how aggressively the Federal Reserve plans to raise interest rates.

Crude oil prices slumped on Monday, weighed by concerns about outlook for energy demand amid the impact of the Ukraine war and a slowdown in Chinese economic growth. West Texas Intermediate Crude oil futures for June ended down by $6.68 or 6.1 percent at $103.09 a barrel.

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