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Singapore Stock Market May Test Resistance At 3,200 Points

The Singapore stock market has climbed higher in five straight sessions, advancing more than 65 points or 2.1 percent along the way. The Straits Times Index now rests just beneath the 3,190-point plateau and it's tipped to open in the green again on Tuesday.

The global forecast for the Asian markets is firm on easing trade tensions between the United States and Mexico. The European and U.S. bourses were up and the Asian markets are tipped to follow that lead.

The STI finished modestly higher on Monday following gains from the financial shares and property stocks.

For the day, the index picked up 21.82 points or 0.69 percent to finish at 3,188.11 after trading between 3,171.90 and 3,199.53. Volume was 1.10 billion shares worth 1.04 billion Singapore dollars. There were 264 gainers and 134 decliners.

Among the actives, City Developments surged 5.90 percent, while Genting Singapore soared 1.73 percent, CapitaLand Commercial Trust spiked 1.49 percent, Keppel Corp jumped 1.49 percent, CapitaLand climbed 1.22 percent, SembCorp Industries and Oversea-Chinese Banking Corporation both perked 0.85 percent, CapitaLand Mall Trust gathered 0.78 percent, Ascendas REIT advanced 0.68 percent, United Overseas Bank collected 0.62 percent, Thai Beverage added 0.61 percent, DBS Group gained 0.53 percent, SingTel fell 0.30 percent, Wilmar International rose 0.30 percent, Singapore Exchange was up 0.13 percent and Hutchison Port Holdings, Comfort DelGro, Golden Agri-Resources and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is positive as stocks opened sharply higher Monday, faded a bit in the afternoon but still finished firmly in the green.

The Dow added 78.74 points or 0.30 percent to 26,062.68, while the NASDAQ gained 81.07 points or 1.05 percent to 7,823.17 and the S&P 500 rose 13.39 points or 0.47 percent to 2,886.73.

The morning rally came in reaction to news the U.S. and Mexico have reached an agreement to avert President Donald Trump's threatened tariffs on all Mexican imports.

Trump also said that existing tariffs on Chinese imports will force China to make a deal and threatened to impose more tariffs if Chinese President Xi Jinping does not attend a planned meeting at the G-20 summit later this month.

Crude oil futures ended lower Monday as concerns over near term energy demand outweighed prospects of a likely extension of production cuts by OPEC. West Texas Intermediate Crude oil futures for July ended down $0.73 or 1.4 percent at $53.26 a barrel.

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