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Additional Upside Predicted For Singapore Shares

The Singapore stock market has jumped higher in back-to-back trading days, accelerating more than 90 points or 2.9 percent along the way. The Strait Times Index now rests just above the 3,100-point plateau and it may extend its winning streak on Tuesday.

The global forecast for the Asian markets is upbeat on optimism for the global trade outlook - plus a bump in crude oil prices. The European markets were down and the U.S. bourses were up and the Asian markets are tipped to follow the latter lead.

The STI finished sharply higher on Monday following gains from the financial hares, plantation stocks and properties.

For the day, the index spiked 43.57 points or 1.42 percent to finish at 3,102.80 after trading between 3,084.88 and 3,104.32. Volume was 1.39 billion shares worth 984.1 million Singapore dollars. There were 276 gainers and 136 decliners.

Among the actives, Venture Corporation surged 5.32 percent, while City Developments soared 3.22 percent, Genting Singapore spiked SembCorp Industries jumped 2.72 percent, CapitaLand climbed 2.61 percent, Keppel Corp advanced 2.53 percent, United Overseas Bank gathered 2.34 percent, Golden Agri-Resources perked 2.04 percent, DBS Group added 1.98 percent, Wilmar International gained 1.92 percent, Oversea-Chinese Banking Corporation collected 1.79 percent, SingTel was up 1.38 percent, Thai beverage rose 0.82 percent and Hutchison Port Holdings, CapitaLand Commercial Trust, CapitaLand Mall Trust and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is positive as stocks extended Friday's gains, allowing the major averages to offset last month's selloff.

The Dow added 98.19 points or 0.42 percent to 23,531.35, while the NASDAQ gained 84.61 points or 1.26 percent to 6,823.47 and the S&P rose 17.75 points or 0.70 percent to 2,549.69.

The continued strength on Wall Street reflected optimism about high-level trade talks between the U.S. and China in Beijing; the two-day meeting was described as positive and constructive.

Meanwhile, traders largely shrugged off an Institute for Supply Management report showing growth in U.S. service sector activity slowed more than expected in December.

Crude oil futures were up Monday, extending gains to a sixth straight session on reports Saudi Arabia will reduce crude exports by the end of this month. Crude oil futures for February were up $0.56 or 1.2 percent at $48.52 a barrel.

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