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Singapore Stock Market May Run Out Of Steam

(RTTNews) - The Singapore stock market has moved higher in four straight sessions, advancing more than 80 points or 2.5 percent along the way. The Straits Times Index now rests just shy of the 3,280-point plateau although it may be stuck in neutral on Wednesday.

The global forecast for the Asian markets is roughly flat, with support from crude oil offset by expected profit taking. The European markets were up and the U.S. bourses were mixed and little changed and the Asian markets figure to follow the latter lead.

The STI finished modestly higher on Tuesday following gains from the financials, properties, industrials and plantations.

For the day, the index advanced 29.27 points or 0.90 percent to finish at 3,279.78 after trading between 3,256.01 and 3,283.01. Volume was 925.28 million shares worth 1.16 billion Singapore dollars. There were 227 gainers and 176 decliners.

Among the actives, Hutchison Port Holdings plummeted 2.08 percent, while Yangzijiang Shipbuilding surged 1.97 percent, DBS Group soared 1.88 percent, Golden Agri-Resources spiked 1.75 percent, Keppel Corp jumped 1.74 percent, CapitaLand Mall Trust climbed 1.67 percent, Wilmar International gathered 1.51 percent, United Overseas Bank perked 1.26 percent, Oversea-Chinese Banking Corporation collected 1.25 percent, SembCorp Industries added 1.15 percent, Genting Singapore gained 0.95 percent, Ascendas REIT gained 0.68 percent, SingTel rose 0.66 percent, CapitaLand Commercial Trust was up 0.52 percent, Comfort DelGro lost 0.38 percent, Singapore Exchange fell 0.14 percent and CapitaLand, Singapore Press and Thai Beverage were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction Tuesday, bouncing back and forth across the unchanged line before ending mixed and little changed.

The Dow shed 79.29 points or 0.30 percent to 26,179.13, while the NASDAQ added 19.78 points or 0.25 percent to 7,848.69 and the S&P 500 was up just 0.05 points to 2,867.24.

The choppy trading on Wall Street reflected uncertainty about the near-term outlook for the markets, with traders looking for more concrete developments out of the U.S.-China trade talks.

In economic news, the Commerce Department reported a steep drop in durable goods orders in February. It also said orders for non-defense capital goods excluding aircraft, a closely watched indicator of business spending, eased in February.

Crude oil futures ended higher Tuesday, extending gains to a third successive day ahead of weekly crude inventory data. West Texas Crude oil futures for May ended up $0.99 or 1.6 percent at $62.58 a barrel for the highest settlement since November.
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