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Singapore Bourse Tipped To Bounce Higher On Wednesday

Ahead of Tuesday's holiday for Deepavali, the Singapore stock market had halted the three-day winning streak in which it had advanced almost 150 points or 4.8 percent. The Straits Times Index now rests just above the 3,060-point plateau although it's tipped to rebound on Wednesday.

The global forecast for the Asian markets is flat to higher ahead of election results in the United States. The European markets were down and the U.S. bourses were up and the Asian markets figure to follow the latter lead.

The STI finished sharply lower on Monday following losses from the financials, properties and industrials.

For the day, the index tumbled 55.77 points or 1.79 percent to finish at 3,060.62 after trading between3,056.42 and 3,091.91. Volume was 1.3 billion shares worth 939 million Singapore dollars. There were 287 decliners and 127 gainers.

Among the actives, SembCorp Industries plummeted 5.28 percent, while Yangzijiang Shipbuilding plunged 4.65 percent, Keppel Corp tumbled 3.48 percent, CapitaLand skidded 3.43 percent, City Developments dropped 3.16 percent, DBS Group retreated 2.68 percent, United Overseas Bank declined 2.26 percent, Golden Agri-Resources and Hutchison Port Holdings both contracted 2.00 percent, Genting Singapore shed 1.59 percent, Wilmar International lost 1.57 percent, Thai Beverage fell 1.53 percent, Oversea-Chinese Banking Corporation slid 1.31 percent, Ascendas REIT dipped 1.18 percent, CapitaLand Commercial Trust eased 0.59 percent and SingTel was down 0.31 percent.

The lead from Wall Street is positive as stocks fluctuated on Tuesday but maintained an upward bias and finished in the green.

The Dow added 173.31 points or 0.68 percent to 25,635.01, while the NASDAQ gained 47.11 points or 0.64 percent to 7,375.96 and the S&P was up 17.14 points or 0.63 percent to 2,755.45.

The strength on Wall Street came as stocks continued to recover from the sell-off seen in October, which was one of the worst months for the markets in years.

However, traders seemed reluctant to make more significant moves amid uncertainty about the outcome of the midterm elections - which will decide control of the House and the Senate and have a major impact on President Donald Trump's ability to enact his pro-business agenda.

Traders also looked ahead to Thursday's Federal Reserve's monetary policy announcement. The Fed is widely expected to leave interest rates unchanged, but traders will keep a close eye on the accompanying statement for clues about an expected rate hike in December.

Crude oil prices fell again on Tuesday, extending their slide to a seventh successive session on prospects of a drop in demand amid uncertainty about global economic growth. Crude oil futures for December ended down $0.89 or 1.4 percent at $62.21 a barrel.

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