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Singapore Stock Market Expected To Snap Losing Streak

The Singapore stock market has finished lower in three straight trading days, sliding more than 80 points or 2.4 percent along the way. The Straits Times Index now rests just above the 3,530-point plateau although it's looking at a green light on Tuesday.

The global forecast for the Asian markets is firm, thanks mainly to a spike in crude oil prices. The European and U.S. markets were up and the Asian bourses are expected to follow suit.

The STI finished modestly lower on Monday following losses from the properties and mixed performances from the financials and industrials.

For the day, the index slid 12.52 points or 0.35 percent to finish at 3,532.86 after trading between 3,527.70 and 3,554.90. Volume was 2.2 billion shares worth 1.1 billion Singapore dollars. There were 231 gainers and 170 decliners.

Among the actives, Oversea-Chinese Banking Corporation plummeted 3.52 percent, while Genting Singapore plunged 0.85 percent, Yangzijiang Shipbuilding tumbled 0.84 percent, United Overseas Bank collected 0.76 percent, Ascendas REIT skidded 0.75 percent, DBS Group added 0.59 percent, CapitaLand Commercial Trust dropped 0.56 percent, CapitaLand Mall Trust shed 0.48 percent, Comfort DelGro lost 0.45 percent, Keppel Corp gained 0.37 percent, SembCorp Industrial picked up 0.33 percent and Hutchison Port Holdings, Golden Agri-Resources, SingTel, Thai Beverage and Wilmar International all were unchanged.

The lead from Wall Street is positive as stocks opened higher on Monday before giving ground in the afternoon. They still wound up higher, extending the rally in the previous session.

The Dow rose 94.81 points or 0.39 percent to 24,357.32, the NASDAQ advanced 55.60 points or 0.77 percent to 7,265.21 and the S&P 500 climbed 9.21 points or 0.35 percent to 2,672.63.

Stocks initially continued to benefit from the upward momentum seen last Friday in response to the Labor Department's monthly jobs report.

The jobs report reinforced expectations that the Federal Reserve will raise interest rates next month, although subdued wage growth suggests the Fed will not increase rates too aggressively.

The pullback in the afternoon came as President Donald Trump announced via Twitter that he will reveal his decision on the Iran nuclear deal on Tuesday.

Crude oil futures jumped to their highest since November 2014 on Monday amid concerns that the U.S. will hit Iran with severe sanctions for its nuclear ambitions. June WTI oil settled at $70.73/bbl, up $1.01 or 1.5 percent.

by RTTNews Staff Writer

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