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Singapore Shares Tipped To Open In The Green

The Singapore stock market on Wednesday snapped the three-day slide in which it has surrendered almost 45 points or 1.4 percent. The Straits Times Index now rests just above the 3,340-point plateau and it may tick higher again on Thursday.

The global forecast for the Asian markets is upbeat in surging crude oil prices and renewed optimism for the outlook on interest rates. The European markets were down and the U.S. bourses were up - and the Asian markets also figure to open higher.

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

For the day, the index climbed 10.96 points or 0.33 percent to finish at 3,340.42 after trading between 3,336.25 and 3,357.36. Volume was 1.22 billion shares worth 973.22 million Singapore dollars. There were 193 gainers and 188 decliners.

Among the actives, Golden Agri-Resources surged 1.69 percent, while Wilmar International plummeted 1.59 percent, SingTel soared 1.16 percent, Thai Beverage spiked 1.15 percent, CapitaLand Mall Trust jumped 0.76 percent, United Overseas Bank collected 0.72 percent, Comfort DelGro climbed 0.70 percent, Oversea-Chinese Banking Corporation advanced 0.70 percent, Ascendas REIT added 0.65 percent, Genting Singapore sank 0.55 percent, Keppel Corp and CapitaLand Commercial Trust both gained 0.46 percent, SembCorp Industries shed 0.42 percent, DBS Group rose 0.32 percent, Singapore Exchange fell 0.25 percent and Hutchison Port Holdings, CapitaLand, Singapore Technologies Engineering and Yangzijiang Shipbuilding were unchanged.

The lead from Wall Street is positive as stocks opened higher on Wednesday, gave ground in the afternoon but still finished in the green.

The Dow added 76.71 points or 0.29 percent to 26,860.20, while the NASDAQ gained 60.80 points or 0.75 percent to 8,202.53 and the S&P 500 rose 13.44 points or 0.45 percent to 2,993.07.

Early buying interest was generated by Federal Reserve Chairman Jerome Powell's remarks before the House Financial Services Committee. Powell told lawmakers that crosscurrents, such as trade tensions and concerns about global growth, have continued to weigh on the U.S. economic outlook since the central bank's June meeting.

Powell's comments led to renewed optimism about a potential rate cut by the Fed at its next meeting later this month. Mirroring Powell's remarks, the minutes of the central bank's June meeting released later in the day said many participants believe the case for lowering interest rates has strengthened.

Crude oil prices rose sharply Wednesday after data showed a larger than expected decline in U.S. crude stockpiles last week. West Texas Intermediate Crude oil futures for August ended up $2.60 or 4.5 percent at $60.43 a barrel, a seven-week high.

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