Singapore Stock Market May Extend Winning Streak

(RTTNews) - The Singapore stock market has moved higher in three straight sessions, accelerating more than 110 points or 3.6 percent along the way. The Strait Times Index now rests just above the 3,120-point plateau and it's likely to open higher again on Wednesday.

The global forecast for the Asian markets is positive on trade optimism and surging crude oil prices. The European and U.S. markets were up and the Asian bourses figure to open in similar fashion.

The STI finished modestly higher on Tuesday following gains from the financials and industrials, while the property stocks came in mixed.

For the day, the index advanced 20.14 points or 0.65 percent to finish at 3,122.94 after trading between 3,099.33 and 3,126.64. Volume was 1.3 billion shares worth 880.4 million Singapore dollars. There were 207 decliners and 170 gainers.

Among the actives, Singapore Press Holdings soared 3.75 percent, while Thai Beverage surged 2.44 percent, Hutchison Port Holdings spiked 2.04 percent, City Developments jumped 1.80 percent, CapitaLand climbed 1.27 percent, Keppel Corp advanced 1.15 percent, Oversea-Chinese Banking Corporation and Singapore Technologies both gathered 1.14 percent, CapitaLand Commercial Trust dropped 1.11 percent, Genting Singapore shed 0.98 percent, Wilmar International lost 0.94 percent, United Overseas Bank perked 0.88 percent, CapitaLand Mall Trust added 0.87 percent, DBS Group collected 0.67 percent, Comfort DelGro gained 0.46 percent, SembCorp was up 0.38 percent and Golden Agri-Resources, SingTel and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is upbeat as stocks opened higher on Tuesday; they gave back some of those gains as the day progressed but still ended firmly in the green.

The Dow added 256.10 points or 1.09 percent to 23,787.45, while the NASDAQ gained 73.53 points or 1.08 percent to 6,897.00 and the S&P rose 24.72 points or 0.97 percent to 2,574.41.

Optimism about trade talks between the U.S. and China contributed to the early rally on Wall Street amid a second day of meetings between U.S. and Chinese officials.

A quiet day on the U.S. economic front also kept some traders on the sidelines amid the ongoing government shutdown.

Crude oil prices moved up sharply on Tuesday, extending gains to a seventh successive session on optimism about U.S.-China trade discussions and reports of output cuts by oil producers. Crude oil futures for February were up $1.26 or 2.6 percent at $49.78 a barrel.
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