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Renewed Selling Pressure Likely For Singapore Stock Marke

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(RTTNews) – The Singapore stock market bounced higher again on Monday, one session after snapping the three-day winning streak in which it had gathered almost 40 points or 1.2 percent. The Straits Times Index now rests just beneath the 3,240-point plateau although it figures to head south again on Tuesday.

The global forecast for the Asian markets suggests mild consolidation amid concerns over growth and sinking oil prices. The European and U.S. markets were slightly lower and the Asian bourses are expected to follow that lead.

The STI finished modestly higher on Monday following gains from the financial shares, property stocks and industrial issues.

For the day, the index improved 27.19 points or 0.85 percent to finish at 3,238.75 after trading between 3,236.92 and 3,253.73. Volume was 1.25 billion shares worth 929.3 million Singapore dollars. There were 309 gainers and 200 decliners. Among the actives, CapitaLand Integrated Commercial Trust added 0.46 percent, while CapitaLand Investment soared 1.79 percent, Comfort DelGro rallied 1.41 percent, DBS Group advanced 0.83 percent, Genting Singapore strengthened 1.24 percent, Hongkong Land and City Developments both gained 0.77 percent, Keppel Corp improved 1.16 percent, Mapletree Commercial Trust spiked 1.58 percent, Mapletree Industrial Trust skidded 1.11 percent, Oversea-Chinese Banking Corporation collected 0.60 percent, SATS perked 0.25 percent, SembCorp Industries surged 2.06 percent, Singapore Exchange was up 0.10 percent, Singapore Technologies Engineering gathered 0.75 percent, SingTel increased 1.15 percent, Thai Beverage added 0.78 percent, United Overseas Bank climbed 1.23 percent, Wilmar International accelerated 1.49 percent, Yangzijiang Financial jumped 1.27 percent, Yangzijiang Shipbuilding rose 0.54 percent and Ascendas REIT and Mapletree Logistics Trust were unchanged.

The lead from Wall Street ends up mildly negative as the major averages opened lower on Monday and bounced back and forth across the unchanged line before finally ending slightly in the red.

The Dow shed 45.95 points or 0.14 percent to finish at 32,799.18, while the NASDAQ fell 21.71 points or 018 percent to close at 12,368.98 and the S&P 500 dipped 11.67 points or 0.28 percent to end at 4,118.62.

Worries about slowing growth weighed on sentiment, but fairly encouraging corporate earnings updates helped limit market’s downside.

In addition, investors are looking ahead to the crucial non-farm payroll data due later in the week.

In economic news, the S&P Global US Manufacturing PMI was revised slightly lower in July, while the Commerce Department said U.S. construction spending fell more than expected in June. Also, the Institute for Supply Management’s Manufacturing PMI was down slightly in July but not as much as feared.

Crude oil prices fell sharply on Monday amid concerns about outlook for energy demand and ahead of this week’s OPEC+ meeting. West Texas Intermediate Crude oil futures for September ended lower by $4.73 or 4.8 percent at $93.89 a barrel.