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Singapore Bourse Draws Firm Lead For Thursday

The Singapore stock market bounced higher again on Wednesday, one session after it had ended 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 3,065-point plateau and it's called to open higher again on Thursday.

The global forecast is positive following the U.S. midterm elections. The European and U.S. markets were solidly higher and the Asian bourses are expected to follow suit.

The STI finished slightly higher on Wednesday following gains from the industrials and plantations, while the financials and properties were mixed.

For the day, the index gathered 4.74 points or 0.15 percent to finish at 3,065.36 after trading between 3,060.88 and 3,092.95. Volume was 1.57 billion shares worth 1.17 billion Singapore dollars. There were 234 gainers and 173 decliners.

Among the actives, Yangzijiang Shipbuilding surged 4.88 percent, while Comfort DelGro soared 2.61 percent, Golden Agri-Resources spiked 2.04 percent, Wilmar International jumped 1.91 percent, Keppel Corp climbed 1.64 percent, Genting Singapore tumbled 1.61 percent, CapitaLand advanced 1.29 percent, Ascendas REIT perked 1.20 percent, DBS Group dropped 0.96 percent, SingTel fell 0.95 percent, SembCorp Industries shed 0.74 percent, United Overseas Bank lost 0.41 percent, Oversea-Chinese Banking Corporation collected 0.18 percent and Hutchison Port Holdings, CapitaLand Commercial Trust and Thai Beverage were unchanged.

The lead from Wall Street is solid as stocks showed a significant move to the upside on Wednesday, adding to the gains posted in the previous session.

The Dow added 545.29 points or 2.13 percent to 26,180.30, while the NASDAQ jumped 194.79 points or 2.64 percent to 7,570.75 and the S&P gained 58.44 points or 2.12 percent to 2,813.89.

The rally on Wall Street came as the results of the highly anticipated midterm elections on Tuesday came largely in line with expectations.

Democrats are projected to retake control of the House for the first time since 2010 - which will give them subpoena power, potentially leading to numerous investigations of President Donald Trump's administration.

Democrats did not fare as well as in the Senate, as Republicans appear poised to expand their majority in the upper chamber.

Crude oil prices tumbled on Wednesday after data showed a seventh straight weekly rise in U.S. crude inventories. Crude oil futures for December were down $0.54 or 0.9 percent at $61.67 a barrel, the lowest settlement price in nearly eight months.

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