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Singapore Bourse Predicted To Be Rangebound Again On Tuesday

The Singapore stock market moved higher again on Monday, one session after it had ended the three-day winning streak in which it had collected more than 65 points or 2.1 percent. The Straits Times Index now rests just above the 3,145-point plateau and it figures to see little movement again on Tuesday.

The global forecast for the Asian markets is fairly rudderless, with trade uncertainties offset by rising crude oil prices. The European and U.S. markets were mixed but little changed and the Asian bourses are likely to follow that lead.

The STI finished slightly higher on Monday following gains from the industrials and mixed performances from the financial shares and property stocks.

For the day, the index gained 1.85 points or 0.06 percent to finish at 3,146.33 after trading between 3,141.72 and 3,157.35. Volume was 893.24 million shares worth 728.03 million Singapore dollars. There were 192 decliners and 166 gainers.

Among the actives, Hutchison Port Holdings plummeted 2.56 percent, while Keppel Corp surged 1.34 percent, Wilmar International plunged 1.30 percent, Thai Beverage tumbled 1.12 percent, Singapore Exchange soared 1.07 percent, Ascendas REIT spiked 0.96 percent, SembCorp Industries accelerated 0.94 percent, CapitaLand Commercial Trust tumbled 0.92 percent, Comfort DelGro skidded 0.79 percent, CapitaLand mall Trust jumped 0.75 percent, SingTel climbed 0.62 percent, CapitaLand dropped 0.56 percent, Oversea-Chinese Banking Corporation shed 0.28 percent, United Overseas Bank collected 0.16 percent, DBS Group was up 0.04 percent and Yangzijiang Shipbuilding, Genting Singapore, Singapore Technologies and Golden Agri-Resources all were unchanged.

The lead from Wall Street offers little clarity as stocks showed a lack of direction on Monday, bouncing back and forth across the unchanged line before closing mixed.

The Dow added 38.05 points or 0.14 percent to 26,835.51, while the NASDAQ lost 15.64 points or 0.19 percent to 8,087.44 and the S&P 500 fell 0.28 points or 0.01 percent to 2,978.43.

The choppy trading on Wall Street came amid a light day on the U.S. economic front, with a lack of major data keeping some traders on the sidelines.

Traders expressed some optimism about further stimulus from global central banks, with the European Central Bank expected to cut interest rates on Thursday. Expectations for another interest rate cut by the U.S. Federal Reserve next week were also bolstered by last Friday's weaker than expected jobs data.

Crude oil prices rose sharply on Monday, riding comments from Saudi Arabia that it would continue to support output cuts by OPEC and other producers. West Texas Intermediate Crude oil futures for December ended up $1.33 or 2.4 percent at $57.85 a barrel.

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