(RTTNews.com) - The Singapore stock market headed south again on Tuesday, one session after it had snapped the two-day slide in which it had fallen almost 15 points or 0.5 percent. The Straits Times Index now rests just above the 3,030-point plateau and it's looking at another soft start again on Wednesday.
The global forecast for the Asian markets remains grim thanks to geopolitical concerns, economic outlook and plummeting crude oil prices. The European and U.S. markets were down and the Asian bourses figure to open in similar fashion.
The STI finished sharply lower on Tuesday following losses from the financials, properties and industrials.
For the day, the index dropped 46.67 points or 1.52 percent to finish at 3,031.39 after trading between 3,029.60 and 3,061.12. Volume was 1.96 billion shares worth 968.6 million Singapore dollars. There were 294 decliners and 111 gainers.
Among the actives, Comfort DelGro plummeted 3.10 percent, while Singapore Press Holdings plunged 2.96 percent, Oversea-Chinese Banking Corporation tumbled 2.31 percent, CapitaLand skidded 2.24 percent, City Developments dropped 2.16 percent, Golden Agri-Resources and Keppel Corp both contracted 2.00 percent, SembCorp Industries retreated 1.71 percent, United Overseas Bank and Genting Singapore both declined 1.58 percent, DBS Group dropped 1.56 percent, Thai Beverage shed 1.49 percent, CapitaLand Mall Trust lost 1.37 percent, SingTel fell 1.26 percent, Yangzijiang Shipbuilding added 0.83 percent, Ascendas REIT dipped 0.78 percent and Hutchison Port Holdings, CapitaLand Commercial Trust, Singapore Technologies and Wilmar International were unchanged.
The lead from Wall Street is negative as stocks opened sharply lower on Tuesday. They made back considerable ground in afternoon trade but still ended in the red.
The Dow shed 125.98 points or 0.50 percent to finish at 25,191.43, while the NASDAQ lost 31.09 points or 0.42 percent to 7,437.54 and the S&P 500 fell 15.19 points or 0.55 percent to 2,640.69.
The early sell-off reflected an extension of the significant weakness seen in overseas markets, which came amid worries about global economic growth and mounting geopolitical tensions.
A negative reaction to quarterly results from some big-name companies also contributed to sharp decline by stocks - including Caterpillar ( CAT ) and 3M Co. (MMM), although McDonald's (MCD) beat the street.
Crude oil prices plunged sharply on Tuesday amid speculation of a possible drop in demand due to uncertainty about the outlook for global economic growth. Crude oil futures for December delivery were down $2.93 or 4.2 percent at $66.43 a barrel, the lowest settlement since August 20.
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