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Additional Support Predicted For Singapore Stock Market

The Singapore stock market bounced higher again on Thursday, one day after it had snapped the six-day winning streak in which it had jumped almost 90 points or 2.8 percent. The Straits Times Index now rests just above the 3,220-point plateau and it may add to its winnings on Friday.

The global forecast for the Asian markets is upbeat on rising oil prices and an improved outlook for interest rates. The European and U.S. markets were up and the Asian bourses are tipped to follow suit.

The STI finished modestly higher on Thursday following gains from the property stocks and industrial issues, while the financials came in mixed.

For the day, the index advanced 12.92 points or 0.40 percent to finish at the daily high of 3,220.66 after moving as low as 3,185.67. Volume was 1.08 billion shares worth 1.02 billion Singapore dollars. There were 214 gainers and 154 decliners.

Among the actives, City Developments surged 2.50 percent, Wilmar International soared 2.35 percent, CapitaLand Commercial Trust spiked 1.46 percent, Yangzijiang Shipbuilding jumped 1.38 percent, Thai Beverage climbed 1.21 percent, SingTel accelerated 0.90 percent, CapitaLand gathered 0.88 percent, CapitaLand Mall Trust perked 0.78 percent, Comfort DelGro sank 0.77 percent, Ascendas REIT advanced 0.68 percent, Keppel Corp added 0.64 percent, United Overseas Bank gained 0.57 percent, Genting Singapore lost 0.56 percent, Oversea-Chinese Banking Corporation fell 0.28 percent, DBS Group eased 0.08 percent and Hutchison Port Holdings, Singapore Airlines, Golden Agri-Resources and SembCorp Industries all were unchanged.

The lead from Wall Street is positive as stocks bounced higher Thursday following two days of weakness, although the buying interest was somewhat subdued.

The Dow added 101.94 points or 0.39 percent to 26,106.77, while the NASDAQ gained 44.41 points or 0.57 percent to 7,837.13 and the S&P 500 rose 11.80 points or 0.41 percent to 2,891.64.

Continued optimism tame inflation will lead the Federal Reserve to cut interest rates contributed to the strength on Wall Street after a Labor Department report showed bigger than expected decreases in U.S. import and export prices.

Crude oil prices rebounded Thursday from five-month lows, as reports of an attack on oil tankers in the Gulf of Oman suggested a likely fall in crude supply in the international market. West Texas Intermediate Crude oil futures for July ended up $1.14 or 2.2 percent at $52.28 a barrel.

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