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Singapore Stock Market May Give Up Support At 3,200 Points

(RTTNews) - The Singapore stock market has moved lower in consecutive trading days, retreating more than 50 points or 1.6 percent along the way. The Straits Times Index now rests just shy of the 3,235-point plateau and the losses may accelerate on Tuesday.

The global forecast for the Asian markets is broadly negative on concerns of a full-fledged trade war between the U.S. and China. The European and U.S. markets were firmly in the red and the Asian bourses are expected to open in similar fashion.

The STI finished sharply lower following losses from the financial shares, property stocks and plantations.

For the day, the index dropped 39.22 points or 1.20 percent to finish at 3,234.28 after trading between 3,226.22 and 3,261.99. Volume was 760.37 million shares worth 1 billion Singapore dollars. There were 279 decliners and 118 gainers.

Among the actives, Thai Beverage plummeted 7.27 percent, while Genting Singapore plunged 2.67 percent, DBS Group tumbled 2.07 percent, Comfort DelGro skidded 1.95 percent, Golden Agri-Resources dropped 1.79 percent, United Overseas Bank retreated 1.68 percent, Oversea-Chinese Bank of China declined 1.67 percent, CapitaLand shed 1.47 percent, SingTel fell 0.95 percent, Keppel Corp lost 0.92 percent, Yangzijiang Shipbuilding sank 0.67 percent, Wilmar International added 0.57 percent, CapitaLand Commercial Trust rose 0.53 percent, CapitaLand Mall Trust slid 0.41 percent, SembCorp Industries dipped 0.40 percent, Ascendas REIT was down 0.34 percent and Hutchison Port Holdings and Singapore Exchange were unchanged.

The lead from Wall Street is brutal as stocks moved sharply lower on Monday, with the Dow sliding to a three-month closing low and the NASDAQ and S&P 500 hitting one-month lows.

The Dow shed 617.38 points or 2.38 percent to 25,324.99, while the NASDAQ plummeted 269.92 points or 3.41 percent to 7,647.02 and the S&P 500 fell 69.53 points or 2.41 percent to 2,811.87.

The sell-off on Wall Street came after China announced plans to raise tariffs on $60 billion worth of U.S. goods, shrugging off a warning from U.S. President Donald Trump. The move by China comes in retaliation for Trump's recent decision to raise tariffs on approximately $200 billion worth of Chinese goods to 25 percent from 10 percent.

Trump has previously threatened to raise tariffs on essentially all remaining imports from China, which are valued at approximately $300 billion.

Crude oil futures settled notably lower Monday as worries about global growth following an escalation in U.S.-China trade tensions raised concerns about energy demand. West Texas Intermediate crude oil futures for June ended down $0.62 or 1 percent at $61.04 a barrel.
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