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Singapore Bourse Due For Profit Taking On Monday

The Singapore stock market has finished higher in four straight sessions, advancing more than 110 points or 3.5 percent along the way. The Straits Times Index now rests just above the 3,320-point plateau although it may run out of steam on Monday.

The global forecast for the Asian markets suggests mild consolidation on geopolitical and trade concerns. The European and U.S. markets were slightly lower and the Asian markets are expected to open in similar fashion.

The STI finished slightly higher on Friday as gains from the financials, plantations and industrials were offset by weakness from the properties and telecoms.

For the day, the index rose 6.89 points or 0.21 percent to finish at the daily high of 3,321.40 after moving as low as 3,305.05. Volume was 1.77 billion shares worth 1.67 billion Singapore dollars. There were 222 gainers and 200 decliners.

Among the actives, Thai Beverage plummeted 4.12 percent, while Golden Agri-Resources surged 3.51 percent, Singapore Exchange soared 2.05 percent, Wilmar International spiked 1.69 percent, Ascendas REIT jumped 1.33 percent, Keppel Corp climbed 1.07 percent, Oversea-Chinese Banking Corporation gathered 0.98 percent, CapitaLand Commercial Trust tumbled 0.93 percent, SembCorp Industries skidded 0.81 percent, CapitaLand Mall Trust dropped 0.78 percent, Comfort DelGro advanced 0.75 percent, Yangzijiang Shipbuilding perked 0.67 percent, Genting Singapore added 0.54 percent, DBS Group collected 0.39 percent, United Overseas Bank gained 0.38 percent, SingTel fell 0.29 percent, CapitaLand sank 0.28 percent and Hutchison Port Holdings was unchanged.

The lead from Wall Street is soft as stocks showed a lack of direction on Friday, bouncing back and forth across the unchanged line before ending lower.

The Dow shed 34.04 points or 0.13 percent to end at 26,719.13, while the NASDAQ lost 19.63 points or 0.24 percent to 8,031.71 and the S&P 500 fell 3.72 points or 0.13 percent to 2,950. For the week, the Dow added 2.4 percent, the NASDAQ jumped 3 percent and the S&P perked 2.2 percent.

Traders were looking ahead to this week's G20 summit in Japan, where Trump and Chinese President Xi Jinping are due to meet in an effort to revive trade talks.

Traders were also cautious amid escalating tensions between the U.S. and Iran after Iran's Revolutionary Guard shot down an unmanned U.S. surveillance drone on Thursday.

Crude oil prices moved higher on Friday, extending gains from previous session as escalating tensions between the U.S. and Iran raised concerns about a disruption in global crude supplies. West Texas Intermediate crude oil futures for August ended up $0.36 or 0.6 percent at $57.43 a barrel.

Closer to home, Singapore will see May numbers for consumer prices later today; in April, inflation was down 0.3 percent on month and up 0.8 percent on year.

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