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Singapore stocks: STI resumes Tuesday afternoon at 3,145.06, down 0.75% on day

SINGAPORE stocks resumed trading in negative territory on Tuesday afternoon, with the Straits Times Index down 0.75 per cent or 23.88 points on the day to 3,145.06 as at 1.03pm.

This follows news of second-quarter Singapore key non-oil domestic exports tumbling 14.6 per cent compared to a year ago, and the island nation cutting its GDP forecast to between zero growth and 1 per cent for the full year.

On the Singapore bourse, losers more than doubled gainers 249 to 121, after 694.7 million securities worth S$701.6 million changed hands.

Among the most heavily traded, Health Management International was flat at S$0.72 after about 20 million shares were traded.

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Mapletree North Asia Commercial Trust was down S$0.04 or 3 per cent at S$1.30 after 17.2 million units changed hands, while Rex International gained S$0.003 or 4.8 per cent at S$0.065 with 17 million shares traded.

Singtel was one of the most active index stocks, trading down S$0.03 or 0.9 per cent to S$3.23.

The three local banks continued their morning's red streak, with DBS sliding S$0.22 or 0.9 per cent to S$24.72, UOB down S$0.25 or 1 per cent to S$25.80, and OCBC shedding S$0.09 or 0.8 per cent to S$11.00.

Elsewhere in Asia, shares slumped as fears about a drawn out Sino-US trade war, protests in Hong Kong and a crash in Argentina's peso currency drove investors to safe harbours like bonds, gold, and the Japanese yen.

MSCI's broadest index of Asia-Pacific shares outside Japan slid 1 per cent. Chinese stocks fell 0.8 per cent, while Hong Kong's main market index tumbled more than 1 per cent to a seven-month low.

Japan's Nikkei was also hit hard, down a sharp 1.5 per cent and on course for its biggest daily decline in a week.

US stock futures were 0.13 per cent higher in Asia but did little to ease the mood.