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Singapore Stock Market May Test Resistance At 3,200 Points

The Singapore stock market has finished higher in four straight sessions, jumping more than 100 points or 3.3 percent along the way. The Straight Times Index now rests just above the 3,190-point plateau and it's looking at another green light again on Tuesday.

The global forecast for the Asian markets is upbeat on easing trade concerns and a jump in crude oil prices. The European and U.S. markets were up and the Asian bourses figure to follow that lead.

The STI finished sharply higher on Monday following gains from the financial shares, plantation stocks and industrial issues.

For the day, the index gained 73.01 points or 2.34 percent to finish at 3,190.62 after trading between 3,153.71 and 3,192.88. Volume was 1.77 billion shares worth 1.35 billion Singapore dollars. There were 317 gainers and 140 decliners.

Among the actives, Genting Singapore skyrocketed 7.22 percent, while SembCorp Industries surged 5.36 percent, Keppel Corporation soared 4.95 percent, Yangzijiang Shipbuilding spiked 4.84 percent, Golden Agri-Resources jumped 4.08 percent, United Overseas Bank advanced 3.30 percent, CapitaLand climbed 3.21 percent, Oversea-Chinese Banking Corporation gathered 3.02 percent, DBS Group collected 2.99 percent, Comfort DelGro perked 2.38 percent, Wilmar International added 2.30 percent, Thai Beverage gained 0.79 percent, SingTel was up 0.32 percent and Hutchison Port Holdings was unchanged.

The lead from Wall Street is solid as stocks opened sharply higher on Monday before giving back some ground - although the major averages still finished firmly positive.

The Dow added 287.97 points or 1.13 percent to 25,826.43, while the NASDAQ climbed 110.98 points or 1.51 percent to 7,441.51 and the S&P gained 30.20 points or 1.09 percent to 2,790.37.

The initial jump was a positive reaction to the meeting between President Donald Trump and Chinese President Xi Jinping over the weekend. At the meeting, they agreed to a 90-day truce in the escalating trade war between the world's two largest economies as they work to reach a long-term trade deal.

In economic news, the Institute for Supply Management noted an unexpected acceleration in the pace of growth in manufacturing activity in November. A separate report from the Commerce Department showed construction spending unexpectedly edged lower in October.

Crude oil prices rose sharply on Monday amid easing trade tensions after the U.S. and China agreed on a 90-day trade war truce. Crude oil futures for January ended up $2.02 or 4 percent at $52.95 a barrel.

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