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Higher Open Predicted For Singapore Shares

The Singapore stock market on Friday ended the six-day losing streak in which it had plummeted more than 220 points or 7 percent. The Straits Times Index now rests just beneath the 3,070-point plateau and it's tipped to open in the green again on Monday.

The global forecast for the oversold Asian markets is positive, thanks to a jump in crude oil prices and with more bargain hunting expected. 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 modestly higher on Friday following gains from the financial shares, property stocks and industrial issues.

For the day, the index picked up 21.78 points or 0.71 percent to finish at 3,069.17 after trading between 3,043.28 and 3,088.77. Volume was 2.04 billion shares worth 1.4 billion Singapore dollars. There were 293 gainers and 131 decliners.

Among the actives, Yangzijiang Shipbuilding surged 3.25 percent, while SembCorp Industries soared 2.44 percent, CapitaLand Commercial Trust and Thai Beverage both spiked 2.38 percent, Comfort DelGro jumped 2.34 percent, Hutchison Port Holdings tumbled 2.00 percent, Keppel Corp climbed 1.49 percent, SingTel advanced 1.27 percent, Oversea-Chinese Banking Corporation perked 0.66 percent, Genting Singapore gathered 0.53 percent, DBS Group collected 0.45 percent, Ascendas REIT added 0.40 percent, CapitaLand and United Overseas Bank both gained 0.32 percent and Golden Agri-Resources, CapitaLand Mall Trust and Wilmar International were unchanged.

The lead from Wall Street is firm as stocks fluctuated on Friday but finished the session with solid gains.

The Dow climbed 287.16 points or 1.15 percent to 25,339.99, while the NASDAQ spiked 167.83 points or 2.29 percent and the S&P jumped 38.76 points or 1.42 percent to 2,767.13. For the week, the Dow shed 4.2 percent, the NASDAQ dropped 3.7 percent and the S&P skidded 4.1 percent.

Bargain hunting contributed to the higher close on Wall Street, with the major averages bouncing off the multi-month closing lows set on Thursday.

In economic news, the Labor Department reported a bigger than expected increase in U.S. import prices in September, while export prices were unchanged. Also, the University of Michigan showed a drop in consumer sentiment in October.

Crude oil prices moved higher Friday, recovering from recent losses on easing concerns about economic and demand slowdown. Crude oil futures for November ended up $0.37, or 0.5 percent, at $71.34 a barrel. For the week, crude oil futures tumbled 4 percent after gains in four consecutive weeks.

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