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Singapore Shares May Find Traction On Wednesday

The Singapore stock market has finished lower in three straight sessions, dropping more than 60 points or 1.9 percent along the way. The Straits Times Index now rests just shy of the 3,225-point plateau although it's poised to halt its slide on Wednesday.

The global forecast for the Asian markets is positive on bargain hunting, rising crude oil prices and optimism that the United States and China will reach a trade agreement. The European and U.S. markets were up and the Asian bourses are tipped to open in similar fashion.

The STI finished modestly lower on Tuesday following losses from the properties and a mixed picture from the financial sector.

For the day, the index sank 10.57 points or 0.33 percent to finish at 3,223.71 after trading between 3,198.22 and 3,227.40. Volume was 1.35 billion shares worth 1.2 billion Singapore dollars. There were 232 decliners and 172 gainers.

Among the actives, Comfort DelGro surged 1.98 percent, while Thai Beverage plunged 1.31 percent, Ascendas REIT tumbled 1.02 percent, Singapore Exchange skidded 0.68 percent, Keppel Corp retreated 0.62 percent, CapitaLand dropped 0.60 percent, Genting Singapore sank 0.55 percent, CapitaLand Commercial Trust shed 0.52 percent, SembCorp Industries advanced 0.40 percent, DBS Group collected 0.38 percent, SingTel added 0.32 percent, Wilmar International lost 0.28 percent, United Overseas Bank fell 0.20 percent, Oversea-Chinese Banking Corporation eased 0.09 percent and Hutchison Port Holdings, Golden Agri-Resources and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is firm as stocks opened higher on Tuesday and remained in the green throughout the session, offsetting the losses from the previous day.

The Dow added 207.06 points or 0.82 percent to end at 25,532.05, while the NASDAQ jumped 87.47 points or 1.14 percent to 7,734.49 and the S&P 500 rose 22.54 points or 0.80 percent to 2,834.41.

Bargain hunting has contributed to the rebound on Wall Street, with traders picking up stocks at reduced levels following Monday's sell-off.

The markets are also benefiting from optimism the U.S. and China will eventually reach a trade deal despite the retaliatory tariffs announced by China.

President Donald Trump has continued to express confidence the Chinese will yield to U.S. demands, repeatedly arguing that the U.S. is in a stronger position than China in the negotiations.

Crude oil prices moved higher on Tuesday amid supply concerns and slightly easing worries about energy demand after the U.S. and China struck a conciliatory tone on trade talks. West Texas Intermediate Crude oil futures for June ended up $0.74 or 1.2 percent at $61.78 a barrel.

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