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Singapore Bourse May Spin Its Wheels On Wednesday

The Singapore stock market has finished higher in six consecutive trading days, advancing almost 90 points or 2.8 percent along the way. The Straits Times Index now rests just beneath the 3,210-point plateau although the rally may stall on Wednesday.

The global forecast for the Asian markets is mixed and flat, with profit taking expected following recent gains. The European markets were up and the U.S. bourses were slightly lower and the Asian markets figure to split the difference.

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

For the day, the index advanced 21.47 points or 0.67 percent to finish at 3,209.58 after trading between 3,192.93 and 3,211.57. Volume was 964.67 million shares worth 987.59 million Singapore dollars. There were 245 gainers and 170 decliners.

Among the actives, CapitaLand surged 3.02 percent, while Yangzijiang Shipbuilding soared 2.86 percent, Keppel Corp spiked 2.12 percent, Comfort DelGro jumped 2.00 percent, Golden Agri-Resources climbed 1.85 percent, Genting Singapore gathered 1.70 percent, SembCorp Industries perked 1.26 percent, Thai Beverage advanced 1.20 percent, Ascendas REIT added 1.02 percent, Wilmar International gained 0.89 percent, Oversea-Chinese Banking Corporation collected 0.75 percent, DBS Group rose 0.65 percent, United Overseas Bank was up 0.62 percent, SingTel accelerated 0.61 percent, CapitaLand Mall Trust picked up 0.39 percent and Hutchison Port Holdings and CapitaLand Commercial Trust were unchanged.

The lead from Wall Street is soft as stocks failed to sustain an initial move to the upside Tuesday, bouncing back and forth across the unchanged line before closing slightly lower.

The Dow shed 14.17 points or 0.05 percent to end at 26,048.51, while the NASDAQ lost 0.60 points or 0.01 percent to 7,822.57 and the S&P 500 fell 1.01 points or 0.03 percent to 2,885.72.

The initial strength on Wall Street reflected recent optimism for a potential interest rate cut by the Federal Reserve, with the central bank due to make its next monetary policy decision next week.

Buying interest waned shortly after the start of trading, however, inspiring traders to cash in on recent gains as they await further developments regarding the ongoing trade dispute between the U.S. and China.

Crude oil futures ended little changed on Tuesday as traders appeared to be waiting for a clear picture to emerge from the OPEC meeting scheduled June 25 in Vienna. West Texas Intermediate crude oil futures for July ended at $53.27 a barrel, up a penny from Monday's close.

Closer to home, Singapore will provide April numbers for retail sales later today; in March, sales were up 1.5 percent on month and down 0.5 percent on year.

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