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Rebound Predicted For Singapore Stock Market

Ahead of the three-day Easter weekend, the Singapore stock market had snapped the two-day winning streak in which it had advanced almost 25 points or 0.7 percent. The Straits Times Index now rests just beneath the 3,350-point plateau and it's expected to bounce higher on Monday as it catches up on missed sentiment.

The global forecast for the Asian markets is likely all about inertia, since most of the European and U.S. markets were closed Friday for the long Easter weekend. Little movement is expected for the Asian bourses.

The STI finished slightly lower on Thursday following losses from the plantations and mixed performances from the financials and the industrials.

For the day, the index dipped 1.06 points or 0.03 percent to finish at 3,347.58 after trading between 3,336.48 and 3,356.82. Volume was 923.26 million shares worth 952.80 million Singapore dollars. There were 230 decliners and 166 gainers.

Among the actives, Golden Agri-Resources plummeted 3.28 percent, while Wilmar International plunged 1.36 percent, Thai Beverage surged 1.23 percent, CapitaLand tumbled 1.09 percent, Singapore Exchange soared 0.96 percent, CapitaLand Mall Trust skidded 0.86 percent, SembCorp Industries dropped 0.73 percent, SingTel jumped 0.64 percent, Yangzijiang Shipbuilding advanced 0.63 percent, Oversea-Chinese Banking Corporation gathered 0.43 percent, Comfort DelGro shed 0.38 percent, DBS Group lost 0.33 percent, Keppel Corp sank 0.30 percent, United Overseas Bank fell 0.26 percent and Hutchison Port Holdings, CapitaLand Commercial Trust, Ascendas REIT and Genting Singapore were unchanged.

There are precious few catalysts for trade on Monday as the U.S. and most major European was closed for Good Friday. The European markets remain closed for Easter Monday as well, while Wall Street returns to action later today.

The geopolitical scene remained blissfully quiet and many traders are expected to remain away from their desks today, so the Asian markets are setting up for a quiet session.

In U.S. economic news, the Commerce Department reported an unexpected drop in new residential construction and building permits in March.

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