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Singapore Stock Market May Add To Its Winnings

The Singapore stock market on Thursday snapped the four-day losing streak in which it had fallen more than 65 points or 2 percent. The Straits Times Index now rests just above the 3,230-point plateau and it's got another green light again on Friday.

The global forecast for the Asian markets is upbeat on solid earnings news and rising crude oil prices. The European and U.S. markets were up and the Asian markets are tipped to follow that lead.

The STI finished modestly higher on Thursday following gains from the financials and industrials, while the properties and plantations were mixed.

For the day, the index collected 11.49 points or 0.36 percent to finish at 3,230.26 after trading between 3,202.67 and 3,233.66. Volume was 968.09 million shares worth 883.59 million Singapore dollars. There were 205 decliners and 181 gainers.

Among the actives, Singapore Technologies surged 2.56 percent, Yangzijiang Shipbuilding soared 2.05 percent, Golden Agri-Resources plunged 1.82 percent, Wilmar International spiked 1.43 percent, DBS Group jumped 1.10 percent, CapitaLand Commercial Trust and City Developments both climbed 1.05 percent, Ascendas REIT advanced 1.03 percent, Comfort DelGro gathered 0.79 percent, Thai Beverage sank 0.65 percent, Genting Singapore perked 0.56 percent, Singapore Exchange added 0.54 percent, Keppel Corp gained 0.47 percent, CapitaLand Mall Trust shed 0.41 percent, SembCorp Industries rose 0.39 percent, SingTel was up 0.32 percent, CapitaLand lost 0.30 percent, Oversea-Chinese Banking Corporation collected 0.27 percent, United Overseas Bank added 0.24 percent and Hutchison Port Holdings and Singapore Press Holdings were unchanged.

The lead from Wall Street remains positive as stocks moved mostly higher on Thursday, extending recent gains and offsetting Monday's steep drop.

The Dow added 214.66 points or 0.84 percent to 25,862.68, while the NASDAQ gained 75.90 points or 0.97 percent to 7,898.05 and the S&P 500 rose 25.36 points or 0.89 percent to 2,876.32.

The strength on Wall Street reflected solid earnings news from companies like Walmart (WMT) and networking giant Cisco Systems (CSCO), who both beat the street.

In economic news, the Labor Department said initial jobless claims dropped more than expected last week, while the Commerce Department noted a substantial increase in new residential construction in April.

Crude oil prices climbed to a two-week high on Thursday, extending recent gains amid concerns about supply disruptions due to an escalation in tensions in the Middle East. West Texas Intermediate Crude oil futures for June ended up $0.85 or 1.4 percent at $62.87 a barrel.

Closer to home, Singapore will release Q1 numbers for wholesale sales later today, as well as April figures for imports, exports and trade balance.

In the previous three months, wholesale sales were up 2.5 percent on quarter and 16.9 percent on year. In March, imports were worth SGD40.35 billion and exports were at SGD44.25 billion for a trade surplus of SGD3.90 billion.

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