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Win Streak May Continue For Singapore Stock Market

The Singapore stock market has climbed higher in three straight sessions, gathering almost 30 points or 0.9 percent along the way. The Straight Times Index now rests just beneath the 3,120-point plateau and it may extend its gains again on Monday.

The global forecast for the Asian markets is broadly positive after the United States and China agreed to a truce in their trade war. The European markets were down and the U.S. bourses were up and the Asian markets are tipped for follow the latter lead.

The STI finished slightly higher on Friday as gains from the financials and plantations were capped by weakness from the properties and industrials.

For the day, the index added 8.17 points or 0.26 percent to finish at 3,117.61 after trading between 3,110.34 and 3,130.81. Volume was 1.73 billion shares worth 1.95 billion Singapore dollars. There were 186 decliners and 171 gainers.

Among the actives, Golden Agri-Resources surged 6.52 percent, while City Developments plummeted 3.10 percent, Yangzijiang Shipbuilding plunged 1.59 percent, SembCorp Industries tumbled 1.51 percent, Wilmar International skidded 1.29 percent, DBS Group spiked 0.83 percent, Thai Beverage dropped 0.79 percent, Comfort DelGro jumped 0.48 percent, Oversea-Chinese Banking Corporation climbed 0.18 percent, United Overseas Bank collected 0.16 percent and Hutchison Port Holdings, SingTel and Genting Singapore were unchanged.

The lead from Wall Street is upbeat as stocks shrugged off an early move to the downside on Friday, rebounding to finish in the green.

The Dow added 199.62 points or 0.79 percent to 25,538.46, the NASDAQ gained 57.45 points or 0.79 percent to 7,330.54 and the S&P was up 22.41 points or 0.82 percent to 2,760.17. For the week, the NASDAQ surged 5.6 percent, the Dow spiked 5.1 percent and the S&P added 4.8 percent.

The strength on Wall Street reflected optimism ahead of the highly anticipated meeting between President Donald Trump and Chinese President Xi Jinping at the G20 summit in Argentina. At the meeting, the leaders agreed to suspend the escalating trade dispute between the world's two largest economies.

In economic news, MNI Indicators reported a substantial acceleration in the pace of growth in Chicago-area business activity in November.

Crude oil prices slipped on Friday as demand growth worries resurfaced after China reported its weakest factory growth in more than two years. Crude oil futures for January settled at $50.93 a barrel, down $0.52 or 1 percent.

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