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Singapore Bourse May Reclaim 3,500-Point Level

The Singapore stock market on Tuesday ended the five-day losing streak in which it had tumbled more than 120 points or 3.5 percent along the way. The Straits Times Index now rests just above the 3,490-point plateau and it may add to its winnings on Wednesday.

The global forecast for the Asian markets suggest mild upside for the still oversold bourses, while a small bump in crude oil aids the positive sentiment, The European and U.S. markets saw small gains and the Asian markets are tipped to follow suit.

The STI finished sharply higher on Tuesday following gains from the financials, properties and industrials.

For the day, the index spiked 53.31 points or 1.55 percent to finish at 3,491.92 after trading between 3,471.84 and 3,494.85. Volume was 2.3 billion shares worth 1.5 billion Singapore dollars. There were 284 gainers and 150 decliners.

Among the actives, City Developments surged 3.72 percent, while Oversea-Chinese Banking Corporation soared 2.37 percent, United Overseas Bank spiked 2.28 percent, SembCorp Industries advanced 1.99 percent, DBS Group collected 1.96 percent, CapitaLand Mall Trust jumped 1.52 percent, Golden Agri-Resources tumbled 1.43 percent, Wilmar International climbed 1.28 percent, SingTel perked 0.91 percent, Genting Singapore gathered 0.89 percent, Keppel Corp added 0.39 percent, Singapore Exchange gained 0.13 percent and Hutchison Port Holdings and Comfort DelGro were unchanged.

The lead from Wall Street is mildly positive as stocks showed a lack of direction on Tuesday, bouncing back and forth across the unchanged line before ending slightly higher.

The Dow added 9.36 points or 0.04 percent to 24,884.12, while the NASDAQ gained 41.30 points or 0.56 percent to 7,372.01 and the S&P was up 7.18 points or 0.26 percent to 2,728.12.

The choppy trading was attributed to concerns about President Donald Trump's top economic advisor Gary Cohn leaving the White House.

The strength early in the day came amid easing geopolitical concerns following reports that North Korea is willing to talk about denuclearization.

In economic news, the Commerce Department noted a slightly bigger than expected decrease in factory orders in January.

Crude oil prices continued to rise Tuesday even as the government said to expect robust production from U.S. drillers. April WTI crude added 3 cents or 0.1 percent to $62.60 a barrel on the New York Mercantile Exchange.

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