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Rebound Predicted For Singapore Stock Market

The Singapore stock market on Tuesday halted the three-day winning streak in which it had gathered almost 25 points or 0.7 percent. The Straits Times Index now rests just above the 3,200-point plateau although it's tipped to bounce higher again on Wednesday.

The global forecast for the Asian markets is upbeat on signs the United States government may avoid another shutdown. The European and U.S. markets were up and the Asian bourses are predicted to follow that lead.

The STI finished slightly lower on Tuesday following losses from the plantation stocks, financials and properties.

For the day, the index dipped 5.12 points or 0.16 percent to finish at 3,201.15 after trading between 3,198.75 and 3,213.68. Volume was 1.15 billion shares worth 969.22 million Singapore dollars. There were 210 decliners and 184 gainers.

Among the actives, Golden Agri-Resources plummeted 1.96 percent, Hutchison Port Holdings surged 1.96 percent, Thai Beverage soared 1.41 percent, City Developments plunged 1.17 percent, Genting Singapore spiked 0.93 percent, SingTel tumbled 0.66 percent, Wilmar International skidded 0.61 percent, CapitaLand dropped 0.60 percent, CapitaLand Commercial Trust retreated 0.53 percent, CapitaLand Mall Trust shed 0.53 percent, Ascendas REIT lost 0.36 percent, Oversea-Chinese Banking Corporation fell 0.35 percent, Keppel Corp added 0.33 percent, DBS Group eased 0.08 percent and Comfort DelGro, Singapore Exchange, United Overseas Bank and Yangzijiang Shipbuilding all were unchanged.

The lead from Wall Street is broadly positive as stocks moved sharply higher on Tuesday, hitting their best closing levels in two months.

The Dow climbed 372.65 points or 1.49 percent to 25,425,76, the NASDAQ jumped 106.71 points or 1.46 percent to 7,414.62 and the S&P 500 added 34.93 points or 1.29 percent to 2,744.73.

The rally on Wall Street came amid optimism lawmakers will avoid another government shutdown after negotiators reached a tentative agreement on border security. Lawmakers face a deadline of midnight Friday to pass a spending bill and avoid another government shutdown.

Optimism about this week's next round of U.S.-China trade talks also contributed to the strength on Wall Street as President Donald Trump may defer his deadline for raising tariffs.

Crude oil prices surged higher Tuesday on hopes OPEC-led production cuts and the U.S. sanctions on Iran and Venezuela will tighten crude supply in the global market. West Texas Intermediate Crude oil futures for March ended up $0.69 or 1.3 percent at $53.10 a barrel.

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