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Singapore Stock Market May Test Resistance At 3,200 Points

The Singapore stock market has tracked higher in two straight sessions, advancing more than 40 points or 1.3 percent along the way. The Straits Times Index now rests just above the 3,180-point plateau and it may add to its winnings on Friday.

The global forecast is upbeat on easing trade war concerns. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The STI finished slightly higher on Thursday following gains from the industrials, while the financials and properties were mixed.

For the day, the index collected 3.86 points or 0.12 percent to finish at 3,180.43 after trading between 3,172.64 and 3,189.31. Volume was 1.65 billion shares worth 926.7 million Singapore dollars. There were 184 decliners and 180 gainers.

Among the actives, Thai Beverage surged 3.08 percent, while Yangzijiang Shipbuilding soared 2.65 percent, Keppel Corp spiked 2.56 percent, Comfort DelGro skidded 1.70 percent, Ascendas REIT dropped 0.76 percent, United Overseas Bank advanced 0.62 percent, DBS Group collected 0.48 percent, CapitaLand Mall Trust shed 0.47 percent, SembCorp Industries added 0.33 percent, Wilmar International gained 0.32 percent, SingTel fell 0.32 percent, Oversea-Chinese Banking Corporation dipped 0.18 percent and Hutchison Port Holdings, CapitaLand Limited, Golden Agri-Resources, CapitaLand Commercial Trust and Genting Singapore all were unchanged.

The lead from Wall Street is positive as stocks opened higher on Thursday and continued to climb. With the upward move, the Dow and the S&P hit record intraday highs.

The Dow added 251.22 points or 0.95 percent to 26,656.98, while the NASDAQ gained 78.19 points or 0.98 percent to 8,028.23 and the S&P was up 22.80 points or 0.78 percent to 2,930.75.

The strength on Wall Street came as traders shrugged off concerns about the escalating trade dispute between the U.S. and China, calling it overdone.

In economic news, the Labor Department said initial jobless claims fell last week to their lowest level since November 1969. Also, the Conference Board noted a continued increase by its index of leading economic indicators in August.

Crude oil futures failed to hold early gains and drifted lower on Thursday. Crude oil futures for October expired at $70.80 a barrel, losing $0.32 or 0.55 percent for the session. Crude oil futures for November delivery fell $0.45 or 0.6 percent at $70.32 a barrel.

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