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Singapore Bourse Poised To End Losing Streak

The Singapore stock market has finished lower in consecutive trading days, sliding more than 40 points or 1.2 percent along the way. The Straits Times Index now rests just above the 3,565-point plateau although it's expected to stop the bleeding on Monday.

The global forecast for the Asian markets is upbeat thanks to solid earnings news and economic data, as well as another jump in crude oil prices. The European and U.S. market were firm and the Asian markets are expected to follow suit.

The STI finished slightly lower on Friday as losses from the plantations and financials were tempered by support from the property sector.

For the day, the index eased 5.48 points or 0.15 percent to finish at 3,567.14 after trading between 3,561.19 and 3,576.34. Volume was 1.6 billion shares worth 1.2 billion Singapore dollars. There were 224 gainers and 217 decliners.

Among the actives, Ascendas REIT surged 3.27 percent, while Genting Singapore soared 1.47 percent, CapitaLand Commercial Trust spiked 1.05 percent, Comfort DelGro tumbled 0.96 percent, DBS Group skidded 0.71 percent, Yangzijiang Shipbuilding jumped 0.63 percent, Keppel Corp climbed 0.58 percent, SingTel fell 0.55 percent, Oversea-Chinese Banking Corporation shed 0.53 percent, CapitaLand Mall Trust added 0.48 percent, United Overseas Bank lost 0.36 percent, Wilmar International slid 0.31 percent and Hutchison Port Holdings, CapitaLand, Golden Agri-Resources, Thai Beverage and SembCorp Industries all were unchanged.

The lead from Wall Street is broadly positive as stocks showed a significant move to the upside on Friday as all three of the major averages found new record closing highs.

The Dow added 223.92 points or 0.85 percent to 26,616.71, while the NASDAQ spiked 94.61 points or 1.28 percent to 7,505.77 and the S&P jumped 33.62 points or 1.18 percent to 2,872.87. For the week, the Dow surged 2.1 percent, the NASDAQ soared 2.3 percent and the S&P jumped 2.2 percent.

The strength on Wall Street reflected the latest earnings news as Intel (INTC) and Honeywell (HON) in particular impressed with results.

In economic news, the Commerce Department noted slower than expected economic growth in the fourth quarter, although final sales and final sales to domestic purchasers both surged. The Commerce Department also observed a bigger than expected increase in durable goods orders in December.

Traders also reacted to President Donald Trump's speech at the World Economic Forum in Davos, Switzerland. Trump touted the progress made by the economy and the stocks markets since his election and reiterated his pledge to put "America first."

Crude oil prices rallied to fresh four-year highs Friday, extending strong weekly gains even as U.S. drillers continued to add rigs. WTI light sweet oil was up 63 cents or 1 percent to $66.14/bbl for a gain of 4.5 percent on the week.

Closer to home, Singapore will release December figures for producer prices later today; in November, they were up 1.0 percent on month and 2.8 percent on year.

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