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Win Streak Expected To Continue For Singapore Shares

The Singapore stock market has climbed higher in five straight sessions, surging more than 85 points or 2.4 percent in that span. The Straits Times Index now rests just beneath the 3,465-point plateau and it's called higher again on Thursday.

The global forecast for the Asian markets is firm thanks to economic optimism and a surge in crude oil prices. The European and U.S. markets were higher and the Asian markets figure to follow suit.

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

For the day, the index collected 33.98 points or 0.99 percent to finish 3,464.28 after trading between 3,432.87 and 3,468.19. Volume was 2.5 billion shares worth 1.3 billion Singapore dollars. There were 253 gainers and 178 decliners.

Among the actives, DBS Group surged 2.70 percent, while Keppel Corp soared 1.86 percent, CapitaLand spiked 1.69 percent, Oversea-Chinese Banking Corporation jumped 1.68 percent, Genting Singapore climbed 1.52 percent, Golden Agri-Resources advanced 1.33 percent, Hutchison Port Holdings gathered 1.22 percent, City Developments perked 1.18 percent, United Overseas Bank collected 1.01 percent, Yangzijiang Shipbuilding added 0.66 percent, Wilmar International gained 0.64 percent, SingTel fell 0.28 percent and Global Logistic Properties and Thai Beverage were unchanged.

The lead from Wall Street is positive as stocks moved mostly higher on Wednesday, adding to gains from the previous session as the major averages hit fresh record closing highs.

The Dow rose 98.67 points or 0.40 percent to 24,922.68, while the NASDAQ advanced 58.63 points or 0.84 percent to 7,065.53 and the S&P climbed 17.25 points or 0.64 percent to 2,713.06.

The continued strength on Wall Street came as upbeat data added to recent optimism about the economic outlook.

The Institute for Supply Management said growth in manufacturing activity unexpectedly accelerated in December, while the Commerce Department noted a bigger than expected increase in construction spending in November.

Stocks remained positive following the release of the minutes of the Federal Reserve's latest monetary policy meeting - which showed that most participants reiterated their support for continuing a gradual approach to raising interest rates.

Meanwhile, the Fed said it raised its economic projections due to the massive tax reform bill passed by Republicans and signed by President Donald Trump.

Crude oil futures continued to soar Wednesday thanks to the threat of supply disruptions from the Middle East and a weaker dollar. WTI light sweet crude oil was up $1.26 or 2.1 percent to $61.63/bbl, the highest since December 2014.

by RTT Staff Writer

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