Singapore Stock Market May Extend Friday's Losses

(RTTNews) - Ahead of Monday's holiday for Vesak Day, the Singapore stock market had turned lower again, one day after ending the four-day losing streak in which it had fallen more than 65 points or 2 percent. The Straits Times Index now rests just above the 3,205-point plateau and it may take further damage on Tuesday.

The global forecast for the Asian markets remains negative - especially for technology companies - as global trade concerns continue to dominate. The European and U.S. markets were down and the Asian bourses figure to follow that lead.

The STI finished modestly lower on Friday as losses from the financial shares and properties were mitigated by support from the plantation stocks.

For the day, the index dropped 24.80 points or 0.77 percent to finish at 3,205.46 after trading between 3,203.81 and 3,231.91. Volume was 1 billion shares worth 870.56 million Singapore dollars. There were 213 decliners and 165 gainers.

Among the actives, Singapore Technologies Engineering plummeted 2.50 percent, while Comfort DelGro plunged 2.36 percent, Hutchison Port Holdings surged 2.17 percent, Thai Beverage soared 1.96 percent, Golden Agri-Resources spiked 1.85 percent, DBS Group tumbled 1.48 percent, Keppel Corp skidded 1.40 percent, Yangzijiang Shipbuilding dropped 1.34 percent, Genting Singapore retreated 1.11 percent, SembCorp Industries declined 0.78 percent, United Overseas Bank shed 0.72 percent, Oversea-Chinese Banking Corporation lost 0.62 percent, CapitaLand Matt Trust added 0.41 percent, Wilmar International gained 0.28 percent, Singapore Exchange rose 0.14 percent and CapitaLand, Singapore Press Holdings, CapitaLand Commercial Trust, SingTel and Ascendas REIT all were unchanged.

The lead from Wall Street is soft as stocks fluctuated on Monday but maintained a negative bias throughout the session.

The Dow shed 84.10 points or 0.33 percent to finish at 25,679.90, while the NASDAQ lost 113.91 points or 1.46 percent to 7,702.38 and the S&P 500 fell 19.30 points or 0.67 percent to 2,840.23.

Tech stocks led Wall Street lower amid ongoing concerns about the escalating U.S.-China trade dispute after Google suspended some of its business with Chinese tech giant Huawei, complying with an order by President Donald Trump to block the sale of U.S. technology to Huawei.

That added to trade concerns sparked by reports that the scheduling of the next round of U.S.-China trade talks is in flux because it is unclear what the two sides would discuss.

Crude oil prices edged higher on Monday on prospects of a likely fall in supply amid an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.34 or 0.54 percent at $63.10 a barrel.
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