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Win Streak May Continue For Singapore Shares

The Singapore stock market has finished higher in two straight sessions, gathering almost 60 points or 1.9 percent along the way. The Straits Times Index now rests just below the 3,185-point plateau, and the market may see continued support on Thursday.

The global forecast for the Asian markets is cloudy, with the formal beginning of the Brexit process offset by support from crude oil prices. The European markets were up and the U.S. markets were mixed but little changed - and the Asian markets figure to split the difference.

The STI finished modestly higher on Wednesday following gains from the financial shares, industrial stocks and industrials.

For the day, the index spiked 26.75 points or 0.85 percent to finish at 3,184.57 after trading between 3,166.21 and 3,188.02. Volume was 2.5 billion shares worth 1.36 billion Singapore dollars.

Among the actives, Hongkong Land surged 5.08 percent, while Wilmar International spiked 1.70 percent, Keppel Corp climbed 1.60 percent, Noble Group advanced 1.57 percent, DBS Group jumped 1.42 percent, Oversea-Chinese Banking Corporation collected 1.04 percent, CapitaLand gained 0.55 percent, Yangzijiang Shipbuilding perked 0.44 percent and SingTel picked up 0.26 percent.

The lead from Wall Street offers little guidance as stocks were lackluster on Wednesday, eventually finishing on opposite sides of the unchanged line.

The Dow shed 42.18 points or 0.2 percent to 20,659.32, while the NASDAQ rose 22.41 points or 0.4 percent to 5,897.55 and the S&P added 2.56 points or 0.1 percent to 2,361.13.

The choppy trading came as traders seemed reluctant to make any significant moves amid continued uncertainty about President Donald Trump's policy agenda following the failure of the Republican health care bill.

Developments in the U.K. were also in focus after the British government sent a notification letter to European Council President Donald Tusk formally beginning the country's exit from the European Union.

In economic news, the National Association of Realtors said that pending home sales rebounded by much more than expected in February.

Crude oil futures rallied to three-week highs Wednesday after data showed a smaller than expected build in U.S. crude oil inventories. WTI light sweet crude oil was up $1.14 or 2.4 percent to $49.51/bbl.

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