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Singapore Stock Market May Add To Its Winnings

(RTTNews) - The Singapore stock market on Monday snapped the two-day slide in which it had fallen almost 10 points or 0.3 percent. The Straits Times Index now rests just above the 3,270-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets suggests a higher open on optimism over global trade, although a drop in crude oil prices may limit the upside. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The STI finished barely higher on Monday following mixed performances from the financial shares, plantations and industrials.

For the day, the index collected 2.45 points or 0.07 percent to finish at 3,272.35 after trading between 3,252.66 and 3,276.47. Volume was 1.61 billion shares worth 1.27 billion Singapore dollars. There were 233 decliners and 173 gainers.

Among the actives, Venture Corporation skyrocketed 12.28 percent, while Wilmar International surged 2.15 percent, CapitaLand soared 2.02 percent, Golden Agri-Resources plummeted 1.75 percent, Singapore Technologies spiked 1.61 percent, CapitaLand Commercial Trust jumped 1.04 percent, Genting Singapore tumbled 0.93 percent, SembCorp Industries skidded 0.75 percent, United Overseas Bank dropped 0.74 percent, Ascendas REIT advanced 0.71 percent, Yangzijiang Shipbuilding shed 0.68 percent, DBS Group collected 0.68 percent, Oversea-Chinese Banking Corporation lost 0.53 percent, CapitaLand Mall Trust and Comfort DelGro both added 0.41 percent, SingTel gained 0.33 percent, Keppel Corp and City Developments both fell 0.32 percent and Hutchison Port Holdings, Thai Beverage and Dairy Farm International were unchanged.

The lead from Wall Street is positive as stocks opened higher on Monday, gave ground as the day progressed but still finished firmly in the green.

The Dow added 60.14 points or 0.23 percent to end at 26,091.95, while the NASDAQ gained 26.92 points or 0.36 percent to 7,554.46 and the S&P 500 rose 3.44 points or 0.12 percent to 2,796.11.

The early strength on Wall Street came after President Donald Trump announced he intends to postpone a planned Match 1 increase in U.S. tariffs on Chinese imports - although he did not specify another deadline to strike a trade deal.

Trading activity was subdued, however, as traders looked ahead to the second summit between Trump and North Korean leader Kim Jong Un. Federal Reserve Chairman Jerome Powell's testimony before Congress in the coming days also kept some traders on the sidelines.

Crude oil futures fell to their lowest levels in more than a week on Monday, weighed down by a tweet from Trump that said oil prices were getting too high. West Texas Intermediate Crude oil futures April ended down $1.78 or 3.1 percent at $55.78 a barrel, well off the day's high of $57.53.

Closer to home, Singapore will provide January data for industrial production later today; in December, production sank 5.6 percent on month and climbed 2.7 percent on year.
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